Looking for breakthrough ideas for innovation challenges? Try Patsnap Eureka!

Construction payment management system and method with hierarchical invoicing and direct payment features

a payment management system and hierarchical payment technology, applied in payment protocols, instruments, data processing applications, etc., can solve the problems of enormous amount of data entry in the conventional construction payment process

Inactive Publication Date: 2006-11-30
TEXTURA CORP
View PDF97 Cites 19 Cited by
  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

This system significantly reduces payment processing time, minimizes errors, and enhances efficiency by enabling real-time notifications and automated processes, ensuring timely payments to subcontractors and improving the overall construction payment workflow.

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

the structure of the environmentally friendly knitted fabric provided by the present invention; figure 2 Flow chart of the yarn wrapping machine for environmentally friendly knitted fabrics and storage devices; image 3 Is the parameter map of the yarn covering machine
View more

Image

Smart Image Click on the blue labels to locate them in the text.
Viewing Examples
Smart Image
  • Construction payment management system and method with hierarchical invoicing and direct payment features
  • Construction payment management system and method with hierarchical invoicing and direct payment features
  • Construction payment management system and method with hierarchical invoicing and direct payment features

Examples

Experimental program
Comparison scheme
Effect test

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...

the structure of the environmentally friendly knitted fabric provided by the present invention; figure 2 Flow chart of the yarn wrapping machine for environmentally friendly knitted fabrics and storage devices; image 3 Is the parameter map of the yarn covering machine
Login to View More

PUM

No PUM Login to View More

Abstract

A system and method for managing a construction payment process. One method embodying the invention can include creating an electronically-executed first request for payment on behalf of a first participant in a construction project, transmitting the first request for payment to a second participant in the construction project, creating an electronically-executed second request for payment based on the first request for payment, transmitting the second request for payment to a payment source in the construction project, directing transmitting a payment to the second participant from the payment source, and directly transmitting a payment to the first participant from the payment source.

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

the structure of the environmentally friendly knitted fabric provided by the present invention; figure 2 Flow chart of the yarn wrapping machine for environmentally friendly knitted fabrics and storage devices; image 3 Is the parameter map of the yarn covering machine
Login to View More

Application Information

Patent Timeline
no application Login to View More
Patent Type & Authority Applications(United States)
IPC IPC(8): G06Q40/00G06Q10/00G06Q30/00
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
Who we serve
  • R&D Engineer
  • R&D Manager
  • IP Professional
Why Patsnap Eureka
  • Industry Leading Data Capabilities
  • Powerful AI technology
  • Patent DNA Extraction
Social media
Patsnap Eureka Blog
Learn More
PatSnap group products

Browse by: Latest US Patents, China's latest patents, Technical Efficacy Thesaurus, Application Domain, Technology Topic, Popular Technical Reports.

© 2024 PatSnap. All rights reserved.Legal|Privacy policy|Modern Slavery Act Transparency Statement|Sitemap|About US| Contact US: help@patsnap.com