A detailed statement breaking down the total contract price for the physical construction, in which individual values are assigned to different scopes of work and project costs. The contractor, construction manager or design-builder (builder) usually prepares the schedule of values before beginning the physical construction. The ascribed values must be approved by the owner or its representative.

The schedule of values forms the basis for the builder's payment applications. The builder requisitions monies based on the percentage of work completed for any given line item on the schedule during the requisition period.