In our Product Management tool, the Schedule of Values (SOV) goes through various status updates to reflect its progress and approval status. Understanding these statuses is crucial for effective project management. The following statuses are associated with the SOV:

1. Draft:
When an SOV is saved as a draft, it indicates that the creator is still working on the document and it has not been submitted for approval. The draft status allows for ongoing edits and revisions without affecting the official approval process.

2. Approval Pending:
Once the creator of the SOV submits it for approval, the status changes to Approval Pending. At this stage, the SOV awaits review and approval from the assigned approver. The approver will assess the values and details in the SOV before making a decision.

3. Approved:
When the approver reviews and confirms the values in the SOV as accurate and satisfactory, the status changes to Approved. This indicates that the SOV has received official approval and is considered valid and acceptable within the project.

4. Rejected:
If the approver finds issues or discrepancies in the values or details of the SOV, they may choose to reject it. The Rejected status indicates that the SOV did not meet the necessary requirements or had errors. When an SOV is rejected, it is opened for editing and correction by the creator.

5. Resubmitted – Approval Pending:
After making the necessary corrections to the rejected SOV, the contractor can resubmit it for approval. At this stage, the SOV status changes to Resubmitted – Approval Pending, indicating that the revised SOV is awaiting reevaluation and approval from the approver.

Understanding these different statuses helps stakeholders track the progress and validity of the SOV throughout the project. It ensures effective communication, collaboration, and accurate financial management within the construction contract.