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The Schedule of Values must be approved prior to first Payment Application. Schedule of Values can only be changed with approved Budget Transfer process in project accounting software, or by Change Order. After the Schedule of Values is approved, it becomes the basis for all Contractor/Vendor invoices for hard and soft costs." [1]
Schedule of values is a detailed statement furnished by a construction contractor, builder or others outlining the portions of the contract sum. It allocates values for the various parts of the work and is also used as the basis for submitting and reviewing progress payments.
The CDRL identifies what data products are to be formally delivered to the government by a contractor, as well as when and possibly how (e.g. format and quantity) they are to be delivered.
Cost-plus-incentive fee (CPIF) contracts have a larger fee awarded for contracts which meet or exceed certain performance goals, for example being on schedule and any cost savings. [1] Cost-plus-award fee (CPAF) contracts pay a fee based upon the contractor's product. An aircraft development contract, for example, may pay award fees if the ...
A cost plus contract states that a client agrees to reimburse a construction company for building expenses such as labor, materials, and other costs, plus additional payment usually stated as a percentage of the contract's full price. This type of construction contract is an alternative to lump sum agreements.
Schedule of values; Shop drawing; Specification (technical standard) Submittals (construction) Symbolic language (engineering) U. Uniclass; Uniformat; V. Verify in field