What document is used to allocate estimated costs for items listed and for requesting progress payments?

The Schedule of Values is a critical document in construction contracts, as it serves multiple functions related to financial management throughout the life of a project. Its primary purpose is to allocate estimated costs for each work item listed within the contract, effectively breaking down the total project cost into manageable portions. This breakdown not only assists in budgeting and financial tracking but also provides a clear framework for making progress payments to the contractor based on the value of completed work.

Furthermore, the Schedule of Values plays a significant role when requesting progress payments. As work is completed, the contractor submits a payment application referencing the Schedule of Values, detailing the portion of work completed for each item. This alignment allows for accurate and fair compensation based on actual progress, enhancing transparency and reducing disputes over payment.

The other documents mentioned, such as the Notice of Award, Change Directive, and Stop Work Order, serve different purposes within the construction process. While they are important in their contexts, they do not function to allocate costs or facilitate progress payments in the same manner as the Schedule of Values.