A subcontractor schedule of values is the sub's contract broken into the parts the draws will be billed against, each with a value, summing to the subcontract sum: for a framing sub, the floor systems, the walls, the roof framing and the sheathing, say, with the value of each agreed before the first draw. It rolls into the general contractor's schedule of values as the lines the sub is responsible for, so that when the sub bills 60% of the walls the GC's own application to the owner can show the same. The residential construction draw schedule template is the calendar of when those draws fall due, and on a house it is usually tied to stages. This page works the sub's schedule and a draw on it, says how it rolls up, and points at the free schedule-of-values draw on this site that does the period's arithmetic, with no account.
Writing the sub's schedule of values
List the parts of the subcontract as the work will actually be done and inspected, put a value on each that sums to the subcontract sum, and agree it before the first draw. A $90,000 framing subcontract might read floor system $18,000, exterior walls $27,000, interior walls $13,500, roof framing $22,500 and sheathing $9,000. The values are the sub's, from their estimate, and front-loading them, putting more value on the early lines than the work carries, is what a GC reads for on the first draw. The AIA G703 continuation sheet that accompanies the G702 is the standard form the schedule is laid out on, whether or not the GC uses it.
A draw against it, worked
This period the floor system and exterior walls are complete and the interior walls are half done: $18,000 plus $27,000 plus $6,750, $51,750 of work to date, 57.5% of the subcontract. Billed before was $36,000. This period's work is $15,750; retainage at 10% is $1,575; the payment due is $14,175, and the balance to finish is $38,250. Each line's share complete is what the GC checks against the site, and the schedule-of-values draw on this site works the period from the contract sum, the percentage complete, the previous billing, the stored materials and the retainage rate, for the sub's application or the GC's own.
How the sub's schedule rolls into the GC's
The GC's schedule of values to the owner carries a framing line, or several, whose value is the sub's subcontract plus the GC's markup on it, and the share complete the GC bills on those lines is the sub's share complete this period. So a sub at 57.5% supports the GC billing 57.5% of the framing lines to the owner, and the GC's application is the sum of every sub's percentage weighted by their lines plus the GC's own work. Keeping the subs' schedules against the project is what lets the GC's application be worked from the subs' rather than estimated over them; the subcontractor management software guide on this site says what that record must keep.
The residential construction draw schedule template: stages and dates
On a house the draws are usually tied to stages the lender or the owner inspects: foundation complete, framing and roof dry-in, rough-ins complete, drywall, finishes, final. A residential construction draw schedule template lists those stages with the share of the contract sum each releases and the inspection that triggers it, and the schedule of values maps the lines to the stages so that a stage's draw is the sum of its lines. The subs' draws fall within the stages: the framing sub bills against the framing stage, the plumber against the rough-in stage. The free draw on this site works the stage's payment as it works any period's; the paid plan keeps the stages, the lines and every draw against the project.
Questions people ask about subcontractor schedule of values
What is a subcontractor schedule of values?
The sub's contract broken into the parts the draws are billed against, each with a value, summing to the subcontract sum and agreed before the first draw. A $90,000 framing sub might carry five lines from the floor system to the sheathing.
How does a sub's draw roll into the GC's application?
The GC's framing lines carry the sub's value plus markup, and the share complete the GC bills on them is the sub's share complete this period. The GC's application is the subs' percentages weighted by their lines plus the GC's own work.
What is a residential construction draw schedule?
The stages a house is billed at, foundation, dry-in, rough-ins, drywall, finishes and final, each releasing a share of the contract on inspection, with the schedule of values mapping its lines to the stages.