What is the maximum time allowed for a contractor to submit a schedule of values?

The maximum time allowed for a contractor to submit a schedule of values is 15 days. This requirement is typically outlined in the contract documents, establishing a clear timeframe within which contractors must provide a detailed breakdown of the work and its associated costs. The schedule of values is crucial for managing payments and ensuring transparency in the billing process. It provides a basis for progress payments and helps the client understand how contract amounts are allocated to various parts of the work. Timely submission within this specified period allows for sufficient review and approval before work progresses, promoting project efficiency and fiscal accountability. Understanding this timeframe is essential for ensuring compliance with project management protocols and facilitating smooth financial operations on construction projects.