Method and system of negotiating a transaction over a network

• US 20010034689A1
• Filed: 01/19/2001
• Published: 10/25/2001
• Est. Priority Date: 01/21/2000
• Status: Abandoned Application

• Current Assignee: InterCommercial Markets Corp. (ExImWare, Inc.)
• Original Assignee: InterCommercial Markets Corp. (ExImWare, Inc.)
• Inventors: Heilman, Theodore A. Jr.
• Application Number:
  US09/766,419
• Publication Number:
  US 20010034689A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

A method and system for negotiating a transaction over a network makes use of computer hardware and software to enable buyers, sellers and brokers of goods and/or services to communicate and trade with one another over the Internet. A first user logs on the system and places a quote to buy or sell a product or service on the web site, and a second user can access and choose to respond to the quote. If the first user is not logged onto the system at the time, the system sends the first user a notice that someone has responded to the first user'"'"'s quote. However, if the first user is logged onto the system, the system automatically displays a message inviting the first user to engage in an on-line “chat” session with the second user while reviewing contract terms in an amendable ticket containing the terms of the original quote. If the first user accepts, the first user is taken directly to a live negotiation ticket containing the terms of the first user'"'"'s original quote. The negotiation ticket also has a live chat box imbedded in the ticket at the bottom of the screen which allows the first and second users to negotiate contract terms in the chat box while simultaneously passing amended versions of the negotiation ticket back and forth until a contract is concluded. The system also enables counterparty control on a quote-by-quote basis, as well as third party visibility control.

Claims

1. A method for negotiating a transaction over a network, comprising:

receiving information relative to a quote for a proposed transaction from a first user;

allowing a second user to access the information relative to the quote for the proposed transaction;

receiving information from the second user relative to a response to the quote for the proposed transaction;

presenting the information relative to the response to the first user according to a preferred presentation method of the second user;

receiving information from the first user relative to a reply to the response of the second user; and

confirming a contract between the first and second users relative to the proposed transaction, if the first and second users agree on information relative to the proposed transaction.

2. The method of

claim 1

, wherein receiving the information relative to the quote further comprises receiving the information from the first user at a first user terminal.

3. The method of

claim 2

, wherein receiving the information relative to the quote further comprises receiving the information at the first user terminal coupled to a server over a global network.

4. The method of

claim 2

, wherein receiving the information relative to the quote further comprises displaying a quote entry area for the first user on a display screen of the first user terminal.

5. The method of

claim 4

, wherein receiving the information relative to the quote further comprises allowing the first user to enter the information on the quote entry area of the display screen.

6. The method of

claim 5

, wherein receiving the information relative to the quote further comprises allowing the first user to enter the information on one of a blank negotiation ticket and a pre-formatted negotiation ticket in the quote entry area of the display screen.

7. The method of

claim 1

, wherein receiving the information relative to the quote further comprises receiving the information consisting of at least one of a subject matter description for the proposed transaction, a quantity for the proposed transaction, a payment term for the proposed transaction, a delivery term for the proposed transaction, and a price term for the proposed transaction.

8. The method of

claim 7

, wherein receiving the information relative to the quote further comprises receiving the information relative to one of a firm quote and an inquiry quote relative to the proposed transaction.

9. The method of

claim 8

, wherein receiving the information relative to the firm quote further comprises receiving the information relative to the firm quote for the proposed transaction which can be accepted by a pre-approved counterparty.

10. The method of

claim 8

, wherein receiving the information relative to the inquiry quote further comprises receiving the information relative to the inquiry quote which only demonstrates an interest of the first user in the proposed transaction.

11. The method of

claim 1

, wherein allowing the second user to access the information relative to the quote further comprises pre-defining parameters by the first user for the second user for access to the information relative to the quote on a quote-by-quote basis.

12. The method of

claim 11

, wherein pre-defining the parameters further comprises pre-defining the parameters by the first user to include the second user on a list of counterparties pre-approved for the proposed transaction.

13. The method of

claim 11

, wherein pre-defining the parameters further comprises pre-defining the parameters by the first user to permit visibility of the information relative to the quote to the second user, while controlling the level of visibility of the information relative to the quote to counterparties not pre-approved for a specific proposed transaction via posting levels.

14. The method of

claim 1

, wherein allowing the second user to access the information relative to the quote further comprises allowing the second user to access the information at a second user terminal.

15. The method of

claim 14

, wherein allowing the second user to access the information relative to the quote further comprises allowing the second user to access the information at the second user terminal coupled to a server over a global network.

16. The method of

claim 14

, wherein allowing the second user to access the information relative to the quote further comprises displaying a summary of the information relative to the quote for the second user in a quote summary area of a quote board on a display screen of the second user terminal.

17. The method of

claim 16

, wherein allowing the second user to access the information relative to the quote further comprises displaying details of the information relative to the quote for the second user in a quote recap area of the quote board.

18. The method of

claim 1

, wherein receiving the information relative to the response further comprises receiving the information relative to the response from the second user at a second user terminal.

19. The method of

claim 18

, wherein receiving the information relative to the response further comprises receiving the information for the response at the second user terminal coupled over a global network to a server.

20. The method of

claim 18

, wherein receiving the information relative to the response further comprises allowing the second user to enter the information on an amendable negotiation ticket filled out with the information relative to the quote displayed on a display screen of the second user terminal.

21. The method of

claim 20

, wherein allowing the second user to enter the information relative to the response further comprises allowing the second user to enter the information on the amendable negotiation ticket filled out with the information relative to the quote consisting of at least one of a subject matter description for the proposed transaction, a quantity for the proposed transaction, a payment term for the proposed transaction, a delivery term for the proposed transaction, and a price for the proposed transaction.

22. The method of

claim 20

, wherein allowing the second user to enter the information relative to the response further comprises displaying the amendable negotiation ticket in response to a selection by the second user of a respond option on a quote recap window on the display screen of the second user terminal.

23. The method of

claim 20

, wherein allowing the second user to enter the information relative to the response further comprises allowing the second user to enter the information relative to the response consisting of at least one amendment to the filled out information relative to the quote on the amendable negotiation ticket.

24. The method of

claim 18

, wherein receiving the information relative to the response further comprises allowing the second user to designate the information as information relative to one of a firm response to the quote, which becomes a firm quote negotiable only by the first user, and an inquiry response to the quote, which becomes an inquiry quote negotiable only by the first user.

25. The method of

claim 1

, wherein presenting the information relative to the response further comprises presenting the information relative to the response to the first user at a first user terminal.

26. The method of

claim 25

, wherein presenting the information relative to the response further comprises presenting the information relative to the response to the first user at the first user terminal coupled to a server over a global network.

27. The method of

claim 1

, wherein presenting the information relative to the response further comprises receiving a selection by the second user of the preferred presentation method for the information relative to the response.

28. The method of

claim 27

, wherein presenting the information relative to the response according to the preferred presentation method further comprises presenting the information to the first user by email.

29. The method of

claim 28

, wherein presenting the information relative to the response to the first user by email further comprises presenting the information on a response page for the first user and sending an email notification of the information to the first user.

30. The method of

claim 1

, wherein presenting the information relative to the response according to the preferred presentation method further comprises presenting the information in connection with an invitation to the first user for a live negotiation.

31. The method of

claim 30

, wherein presenting the information relative to the response in connection with the invitation for the live negotiation further comprises notifying the second user if the first user is unavailable online.

32. The method of

claim 31

, wherein presenting the information relative to the response in connection with the invitation for the live negotiation receiving a selection of the second user of one of an option of presenting the information on a response page for the first user and sending an email notification to the first user and an option of canceling the response of the second user if the first user is unavailable online.

33. The method of

claim 30

, wherein presenting the information relative to the response in connection with the invitation for the live negotiation further comprises presenting the first user an amendable negotiation ticket if the first user is available online.

34. The method of

claim 33

, wherein presenting the information relative to the response in connection with the invitation for the live negotiation further comprises allowing the second user to enter at least one amendment on the amendable negotiation ticket if the first user is available online.

35. The method of

claim 34

, wherein presenting the information relative to the response in connection with the invitation for the live negotiation further comprises receiving a selection of the second user of one of an option of presenting the information as a firm response and presenting the information relative to the response as an inquiry response if the first user is available online

36. The method of

claim 1

, wherein receiving the information relative to the reply to the response further comprises prompting the first user to view the information relative to the response.

37. The method of

claim 1

, wherein receiving the information relative to the reply to the response further comprises receiving the information relative to the reply from the first user at a first user terminal.

38. The method of

claim 37

, wherein receiving the information relative to the reply to the response further comprises receiving the information relative to the reply to response at the first user terminal coupled to a server over a global network.

39. The method of

claim 1

, wherein receiving the information relative to the reply to the response further comprises sending a notification to the second user if the first user declines an invitation from the second user for a live negotiation with the second user.

40. The method of

claim 39

, wherein receiving the information relative to the reply the response further comprises sending a confirmation to the first user if the first user declines the invitation.

41. The method of

claim 39

, wherein receiving the information relative to the reply to the response further comprises sending a notice to the second user that the information relative to the response will appear on a response page of the first user if the first user declines the invitation.

42. The method of

claim 1

, wherein receiving the information relative to the reply to the response further comprises sending a notice to the first user that the information relative to the quote has been accessed if the first user is available online.

43. The method of

claim 42

, wherein receiving the information relative to the reply to the response further comprises querying the first user regarding a willingness to negotiate directly online with the second user if the first user is available online.

44. The method of

claim 43

, wherein receiving the information relative to the reply to the response further comprises displaying a message for the first user inviting the first user to engage in an on-line chat session with the second user while reviewing an amendable negotiation ticket if the first user is available online.

45. The method of

claim 44

, wherein receiving the information relative to the reply to the response further comprises displaying an amendable negotiation ticket for the first user consisting of a modifiable and electronically transmittable trading ticket integrated with an internet relay chat box enabling the first and second users to communicate and pass the ticket back and forth.

46. The method of

claim 1

, wherein confirming a contract between the first and second users relative to the proposed transaction further comprises allowing the first and second users to communicate with one another and pass a modifiable and electronically transmittable negotiation ticket integrated with an internet relay chat box back and forth.

47. The method of

claim 46

, wherein confirming the contract between the first and second users relative to the proposed transaction further comprises receiving information relative to a firm offer from one of the first and second users.

48. The method of

claim 47

, wherein confirming the contract between the first and second users relative to the proposed transaction further comprises receiving an acceptance of the firm offer by the other of the first and second.

49. The method of

claim 48

, wherein confirming the contract between the first and second users relative to the proposed transaction further comprises assigning a transaction number to the confirmed contract.

50. The method of

claim 49

, wherein confirming the contract between the first and second users relative to the proposed transaction further comprises sending a notice of the confirmation to each of the first and second users.

51. The method of

claim 50

, wherein confirming the contract between the first and second users relative to the proposed transaction further comprises allowing at least one of the first user and the second user to print out at a hard copy of the confirmed contract.

52. A system for negotiating a transaction over a network, comprising:

means for receiving information relative to a quote for a proposed transaction from a first user;

means for allowing a second user to access the information relative to the quote for the proposed transaction;

means for receiving information from the second user relative to a response to the quote for the proposed transaction;

means for presenting the information relative to the response to the first user according to a preferred presentation method of the second user;

means for receiving information from the first user relative to a reply to the response of the second user; and

means for confirming a contract between the first and second users relative to the proposed transaction, if the first and second users agree on information relative to the proposed transaction.

53. The system of

claim 52

, wherein the means for receiving the information relative to the quote further comprises a first user terminal.

54. The system of

claim 53

, wherein the first user terminal further comprises a first user computer terminal coupled to a server over a network.

55. The system of

claim 54

, wherein the network further comprises a global network.

56. The system of

claim 52

, wherein the means for allowing the second user to access the information relative to the quote further comprises a second user terminal.

57. The system of

claim 56

, wherein the second user terminal further comprises a second user computer terminal coupled to a server over a network.

58. The system of

claim 57

, wherein the network further comprises a global network.

59. The system of

claim 52

, wherein the means for receiving the information relative to the response further comprises a second user terminal.

60. The system of

claim 58

, wherein the second user terminal further comprises a second user computer terminal coupled to a server over a network.

61. The system of

claim 60

, wherein the network further comprises a global network.

62. The system of

claim 52

, wherein the means for presenting the information relative to the response further comprises a first user terminal.

63. The system of

claim 62

, wherein the first user terminal further comprises a first user computer terminal coupled to a server over a network.

64. The system of

claim 63

, wherein the network further comprises a global network.

65. The system of

claim 52

, wherein the means for receiving the information relative to the reply to the response further comprises a first user terminal.

66. The system of

claim 65

, wherein the first user terminal further comprises a first user computer terminal coupled to a server over a network.

67. The system of

claim 66

, wherein the network further comprises a global network.

68. The system of

claim 52

, wherein the means for confirming the contract between the first and second users relative to the proposed transaction further comprises a first and a second user terminal coupled to a server over a network.

69. The system of

claim 68

, wherein the network further comprises a global network.