Prepare a schedule of values (SOV) to be used for payment applications. Ensure that the SOV values are reasonably comparable to the values contained in the cost-loaded project schedule and the project detailed cost estimate, and make sure the total amounts match.
Module 5 MILESTONE ASSIGNMENT
Complete the following:
1. Prepare a schedule of values (SOV) to be used for payment applications. Ensure that the SOV values are reasonably comparable to the values contained in the cost-loaded project schedule and the project detailed cost estimate, and make sure the total amounts match.
2. Find Excel versions of the AIA documents G702 (i.e., Application and Certificate for Payment) and G703 (i.e., G702’s Continuation sheet) on the web to prepare the payment applications for the project in-hand for the first two monthly pay periods. You need to demonstrate your knowledge of different data fields in G702 by defining formulas to ensure data fields, such as Contract Sum to Date, Retainage, Current Payment Due, Total Earned Less Retainage, and Balance to Finish, are calculated using proper cell formulas. Assume that all work within this two-month period was completed as initially scheduled and, as such, provide the updated SOV and cost-loaded schedule accordingly.
a. Note 1: Be sure that the updated SOV and cost-loaded schedule show not only budgeted/planned values but also percent complete and actual figures.
b. Note 2: Retainage is 10%.
3. These payment applications must be based on the above-referenced SOV and the cost- loaded project schedule you submitted in Module 4. Provide a .pdf copy of the cost-flow histogram that you prepared in Module 4, along with its table of values to validate the cost figures reported in the payment applications.
4. Provide necessary release of liens for the two payment applications you are submitting. Use a typical contractor’s affidavit for release of liens by reviewing some sample lien waiver forms on the web.
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