Subcontract Schedule of Values Overview

Issuing Subcontracts to vendors and consultants to perform a certain scope of work for a Fixed Lump Sum price is widely used in the construction industry. Regardless of whether the work takes more or less time, the lump sum is paid unless there are changes to the scope of work which is processed separately through a Subcontract Change Order (SCO).

For Fixed Lump Sum Subcontracts, the original contract amount is broken down into a Schedule of Values. Each Schedule of Value represents a portion of the work and is used as the basis when reviewing Subcontractor Invoices. The Financial Dashboards will show the Subcontract's Schedule of Values in the Committed Cost column.