Hi there, I'm Charlotte from Z lien. I'm here to talk to you about one of the documents that GCS will be most familiar with: the schedule of values. A schedule of values is a complete list of work items on a project that represents the entire project from beginning to end, as well as the entire contract price. A schedule of values, or SOV for short, is used as a management tool and for monthly payment application processing. It is a valuable tool in evaluating a project's progress because it dictates the cash flow. The timing of payment depends on how the schedule of values was written and when it allocates the funds. It is crucial for contractors to make sure the cash flow keeps moving and their bills get paid to avoid liens and any other bad outcomes. Some contractors may attempt to front-load the schedule of values by increasing the values of the early project activities and devaluing the work at the end. While this may be tempting, it's a bad idea for many reasons. The owner or architect must sign off on the schedule of values and typically looks to avoid this exact behavior. If a payment issue arises, the justifications can be tricky when the values on the SOV do not mesh with the way the payments were made down the project chain. Of the many documents that are required throughout construction projects, the schedule of values is most closely tied to cash flow. As such, it is a document which all parties should be familiar with. If you want to learn more about a schedule of values or construction accounting, please visit Z lien's website at ZhiLing.com for more information. Happy building.
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Reviewing Schedule Of Values Form: What You Should Know
Statement shall not include any information and should only be prepared and submitted by the person or persons responsible for making fringe benefit contribution(s) to this fringe benefit plan. Form NO. 1: Form No. 1. Form No. 1 is used when the employer has determined that fringe benefits are not a significant part of the employee's salary and is therefore not required to include fringe benefits in the wage report, and may, therefore, pay benefits at the employee's regular wage rate in lieu thereof. If the employee has no other pay, the employer shall pay the employee at a rate not less than the minimum wage required by Title 38 of the Maryland Public Service Law. 50.00 Form No. 2: Form No. 2. Form No. 2 is used when an employee is not eligible for employer contributions. (See Appendix 5—E.g.), and it is necessary to calculate the employee's actual fringe benefit amount to meet any required employer contributions to the plan. 100.00 Form No. 3: Form No. 3. Form No. 3 is used when an employee is paid in addition to wages and is therefore being paid as a fringe benefit to the employer. 400.00 Form No. 4: Form No. 4. Form No. 4 is used when an employee is paid at least one-half times the amount of wages paid for the employee's service. Forms No. 1 and 2 and Forms 3 and 4 do not apply. Form No. 4 is used only in the absence of a written confirmation that the employer is required to include fringe benefits in the employee's wage report. 1,000.00 Eligibility Certificate: Provided by the Baltimore City Health Dept. This Certificate of Eligibility: Fringe Benefits.  (Include as many details as possible, including address, phone, hours worked each week, and type of work, etc.
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