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A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work. The Schedule of Values shall be based on the approved budget or the approved Fixed Price, or GMP, Cost-Plus Contract type as applicable.
Inputs: Schedule management plan, schedule baseline, performance reports, approved change requests; Tools: Progressive elaboration reporting, schedule change control system, performance measurement, project management software, variance, analysis, schedule comparison bar charts
The project schedule is a calendar that links the tasks to be done with the resources that will do them. It is the core of the project plan used to show the organization how the work will be done, commit people to the project, determine resource needs, and used as a kind of checklist to make sure that every task necessary is performed.
A rolling punch list entails constantly verifying the work status throughout the duration of the project, with a rigid closeout schedule being assigned to each task. Finishing the project error-free requires planning, communication, and managing the punch list throughout the project.
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Hardship is defined by Article 6.2.2 of the UNIDROIT Principles as "where the occurrence of events fundamentally alters the equilibrium of the contract either because the cost of a party's performance has increased or because the value of the performance a party receives has diminished" provided that either the risk of the events occurring was ...
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