About Modifying the Schedule of Values for Subcontractors
Enter the budget for a project on the system in the Schedule of Values (SoV). The SoV can include line items showing the work breakdown. Only users with a project manager role and manage project permissions can edit an SoV.
As a Subcontractor, you have the following budget management options available after you confirm the contract:
- View SoV: View or review the current budget
- Modify SoV Amounts: Change the budget without a change order. Entering a budget is a part of the project setup process.
See Reallocating Budget Amounts to a New Line for Subcontractors or Reallocating Budget Amounts to an Existing Line for Subcontractors.
- Reallocate line item amounts without changing the overall contract value
- Add or delete lines with no subcontracts tied to them (unassigned)
- Allocate Change Orders—Adjust your Schedule of Values (SoV) with change order amounts created by the General Contractor.
See Allocate Change Orders for Subcontractors.
Note: Only a General Contractor can create a change order that adjusts the contract value.
Modify SoV Amounts
Modify the budget without a change order if the total value of the contract is not changing. The sum of the line items must equal the total contract value.
When first setting up a budget, the Working Totals may display in red. Once the Scheduled Value Amount matches the Totals amount, and the SoV is saved, the red should disappear.
Why Modify a Budget Without Changing the Contract Value?
Modify SoV amounts to:
- Create, delete, or combine Schedule of Values lines
- Allocate or reallocate monies in accordance with existing change orders.
See Edit SoV Tab Overview for Subcontractors for instructions.
Change Orders
Create Subcontract Change Orders (SCO) to change the contract value of an existing Sub-Tier subcontract.
Allocate Prime Contract Change Orders (PCCO) created by the General Contractor.
See Allocate Change Orders for Subcontractors for instructions.
Last Published Wednesday, August 7, 2024