Cost

Tracking

• A schedule of values is set up with budget amounts in the applicable trade, with complete and total balancing to the contract amount.
• Subcontractors submit progress applications to meet the timing called out on the contract.
• Any subcontractor supplier that has filed a 20 day preliminary is called and any outstanding balance owed on the job will be handled with a joint check.
• These applications along with any vendor invoices are entered onto the schedule of values in the “this period” column.
• The amounts cause a compilation in the % column. When all amounts are entered, the %’s are checked line by line with the field superintendent to insure nothing is too high or too low.
• All totals are entered on the Application & Certificate for payment, AIA document G702.
• Lien releases are made to reflect new billings and also any previous payments.
• Any owner approved change orders are added to the schedule of values and included in the billing at the appropriate billing cycle.