Construction payment management system and method

a payment management system and construction technology, applied in the field of construction payment management system and method, can solve the problems of huge amount of data entry in the conventional construction payment process, and achieve the effect of reducing the amount of data entry

Inactive Publication Date: 2005-12-29
TEXTURA CORP
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

The conventional construction payment process generally involves unreliable verbal notification of events upon which moveme

Method used

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  • Construction payment management system and method
  • Construction payment management system and method
  • Construction payment management system and method

Examples

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Embodiment Construction

[0160] Before any embodiments of the invention are explained in detail, it is to be understood that the invention is not limited in its application to the details of construction and the arrangement of components set forth in the following description or illustrated in the following drawings. The invention is capable of other embodiments and of being practiced or of being carried out in various ways. Also, it is to be understood that the phraseology and terminology used herein is for the purpose of description and should not be regarded as limited. The use of “including,”“comprising” or “having” and variations thereof herein is meant to encompass the items listed thereafter and equivalents thereof as well as additional items. The terms “mounted,”“connected” and “coupled” are used broadly and encompass both direct and indirect mounting, connecting and coupling. Further, “connected” and “coupled” are not restricted to physical or mechanical connections or couplings, and can include el...

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Abstract

System and method for managing a construction payment process. One method embodying the invention can include allowing a participant to receive a payment associated with a project by accessing registration information. A method can include generating a real-time notification of a draw. Another method can include generating an automated invoice including one or more line items. Still another method can include automatically generating a sworn statement including dollar amounts from automated invoices. Yet another method can include receiving an acknowledgement that a participant has received funds and substantially simultaneously releasing a lien waiver. Another method embodying the invention can include reconciling a primary budget and secondary budgets including line items before administering a draw.

Description

RELATED APPLICATIONS [0001] Priority is claimed under 35 U.S.C. §119 to U.S. Patent Application Ser. No. 60 / 583,782 filed Jun. 29, 2004.BACKGROUND OF THE INVENTION [0002] Residential and commercial construction projects require several organizations to communicate with one another in order to distribute payments. A conventional construction payment management process begins with a verbal notification that a draw from the construction loan or the property owner's account will take place. The general contractor (GC) of the construction project notifies subcontractors (or any other person, firm, or corporation engaged by the GC, such as material suppliers) of the draw by telephone, fax, or at a meeting. The subcontractors prepare invoices and send them to the GC by mail, fax, hand delivery, or at a meeting with the GC. The GC and the subcontractors often must negotiate the final invoice dollar amount by telephone or at meetings. The GC confirms the invoices, enters the details into a G...

Claims

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Application Information

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IPC IPC(8): G06Q10/00G06Q30/00G06Q40/00
CPCG06Q10/00G06Q40/12G06Q10/0631G06Q10/103G06Q20/10G06Q20/102G06Q20/14G06Q20/40G06Q30/00G06Q30/04G06Q40/00G06Q40/02G06Q40/025G06Q40/04G06Q40/06G06Q50/08G06Q50/16G06Q10/06G06Q10/06313G06Q40/03G06F3/0484
Inventor ALLIN, PATRICK J.CHERRY, CHARLES C.EICHHORN, WILLIAM H.FLYNN, MICHAEL L.NIDEN, HOWARD L.PEDERSEN, RICHARD P. JR.BAGLEY, MATTHEW R.
Owner TEXTURA CORP
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