What Is a Schedule of Rates? A schedule of rates is a detailed document used in construction and contracting that lists the unit prices for specific tasks, materials, labor, and equipment. It serves as a standardized pricing guide for measuring and valuing work during a project.
A schedule of rates is a structured approach to cost management that brings transparency, flexibility, and consistency to construction contracts. It ensures that work is fairly priced, variations are managed efficiently, and projects stay financially on track.
In a Schedule of Rates, these costs are based on hourly or daily rates for workers, which makes it easier for businesses to predict and manage labor costs more effectively.
Schedule of Rates: What It Is, Benefits, and How to Use It
In its most simple form, a schedule of rates can be a list in a contract setting out the staff, labour and plant hire rates the contractor will use for pricing cost reimbursable instructed daywork.
This document provides guidance on preparing schedules of rates for use in valuing additional work and variations on building and civil engineering contracts. It outlines advantages like avoiding disputes over valuation and improving cash flow.
The Schedule of Rates is a comprehensive list of standard costs applied to construction projects, used to determine the budget and ensure consistent pricing for materials, labor, and services.
The rates on this Schedule of Equipment Rates are for applicant-owned equipment in good mechanical condition, complete with all required attachments.
Discover what a Schedule of Rates (SoR) is and how it helps you control project costs with clear pricing for labor, materials, and equipment