Construction payment management system and method with automatic workflow management features
a payment management system and workflow technology, applied in payment protocols, instruments, data processing applications, etc., 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: 2006-11-30
TEXTURA CORP
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- Description
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- Application Information
AI Technical Summary
Benefits of technology
This system significantly reduces the time and effort required for construction payments, ensures timely and accurate disbursement of funds, and eliminates errors by automating notifications and documentation, allowing for direct electronic payments and simultaneous release of lien waivers, thereby speeding up the payment process and improving payment reliability.
Problems solved by technology
The conventional construction payment process generally involves unreliable verbal notification of events upon which movement of the process is contingent.
The conventional construction payment process also involves enormous amounts of data entry.
Method used
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Embodiment Construction
[0148] 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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A system and method for managing a construction payment process. One method embodying the invention can include storing a plurality of workflows to control automatic electronic notification sequences of the construction payment process, electronically receiving information related to a construction project from a first participant, automatically electronically transmitting a first notification to a second participant in the construction project based on the information received from the first participant, electronically requesting a response from the second participant related to the first notification, electronically receiving a response from the second participant related to the first notification, automatically validating the response, and automatically electronically transmitting a second notification to a third participant included in the construction project based on the response received from the second participant.
Description
RELATED APPLICATIONS [0001] The present patent application is a continuation of co-pending U.S. patent application Ser. No. 11 / 032,699 filed on Jan. 10, 2005, which claims priority to U.S. Provisional Patent Application Ser. No. 60 / 583,782 filed Jun. 29, 2004, the entire contents of which are both herein incorporated by reference.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...
Claims
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IPC IPC(8): G06Q99/00G06Q10/00G06Q30/00G06Q40/00
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