Construction payment management system and method with automated electronic document generation features
a payment management system and document generation technology, applied in the field of construction payment management system and method with automated electronic document generation features, can solve the problems of huge amount of data entry in the conventional construction payment process, and achieve the effect of reducing the number of manual and manual data entry steps
Inactive Publication Date: 2008-11-20
TEXTURA CORP
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- Description
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- Application Information
AI Technical Summary
Benefits of technology
The system significantly reduces the time and effort required for construction payments, ensures timely and accurate disbursement of funds, and minimizes delays by automating key processes, improving the efficiency and reliability of the construction payment process.
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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[0150]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 ele...
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A system and method for managing a construction payment process. One method embodying the invention can include generating a budget for a construction project, receiving an invoice amount from at least one participant in the construction project, generating at least one of an automated invoice and an automated sworn statement based on the invoice amount and the budget, generating at least one automated lien waiver based on at least one of the automated invoice and the automated sworn statement, and electronically executing at least one of the automated invoice, the automated sworn statement, and the at least one automated lien waiver to create at least one of a legally-binding invoice, a legally-binding sworn statement, and a legally-binding lien waiver. Another method embodying the invention can include electronically receiving a lien waiver from a participant in a construction project, electronically transmitting payment to the participant in response to receipt of the lien waiver, and releasing the lien waiver in response to the payment.
Description
RELATED APPLICATIONS[0001]The present patent application is a continuation-in-part 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...
Claims
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IPC IPC(8): G06Q40/00G06Q30/00
CPCG06Q10/0875G06Q20/10G06Q20/102G06Q30/00G06Q30/04G06Q40/00G06Q40/025G06Q40/04G06Q50/18G06Q40/03
InventorALLIN, PATRICK J.CHERRY, CHARLES C.EICHHORN, WILLIAM H.FLYNN, MICHAEL L.NIDEN, HOWARD L.PEDERSEN, JR., RICHARD P.BAGLEY, MATTHEW R.
OwnerTEXTURA CORP