Contracts & ExecutionQuestion 165 of 1605
In a construction contract, a "schedule of values" is BEST described as:
a.A breakdown of the contract price allocated among the parts of the work, used to support progress billings
b.A list of every employee's hourly wage
c.The contractor's overhead allocation worksheet
d.A calendar showing inspection dates
Explanation
A schedule of values divides the total contract sum among the various components of the work. Each progress payment application bills the percentage complete of each line item against this schedule.
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- On a $500,000 contract, the schedule of values shows framing as 18% of the total. If framing is 50% complete, how much may the contractor bill for framing this period?
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Reviewed by Abraham Chen — Licensed California General Contractor (CSLB License #1101856 — verify)