What document allocates a dollar value to various portions of Work?

The Schedule of Values is an essential document in construction management that serves a specific purpose: it allocates a dollar value to various portions of work for a project. Each component of the work is assigned a monetary value based on its proportion of the total contract price. This allows for a clear understanding of how the overall budget is structured and aids in tracking payments as the project progresses.

The Schedule of Values is particularly useful when it comes to progress billing, where the contractor requests payment based on completed work. By aligning the payment requests with the allocated values in the Schedule of Values, both the owner and the contractor can ensure transparency and accuracy in billing. This document is critical throughout the project as it represents how the work is broken down into identifiable elements along with their corresponding values.

In comparison, while other documents like the Progress and Completion List, Payment Schedule, and Cost Breakdown may provide related information about project finances or timelines, they do not specifically highlight the dollar allocation to distinct portions of work in the same way that the Schedule of Values does. Thus, the role of the Schedule of Values is unique and vital for effective financial management in construction projects.