In a construction contract, a "schedule of values" is BEST described as:
Explanation
A schedule of values divides the contract sum among the parts of the work — earthwork, framing, roofing, finishes — so each progress billing can be tested against the percentage of each line item actually in place. It is what a lender's draw process and a standard payment application run on. (b) describes certified payroll, the wage record Labor Code §1776 requires on public works. (c) describes an internal overhead allocation, an accounting exercise that never appears in a payment application. (d) reads 'schedule' as a calendar; in this term it means an itemized list, and the calendar is the project schedule, a different document.
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Related questions on this topic
- If an owner wrongfully withholds an undisputed progress payment from a general contractor, California prompt payment law allows a penalty of:
- After a project is satisfactorily completed and accepted on a private works job, the owner must release retention to the general contractor within:
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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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