Electronic bond & guaranty process and business method
First Claim
1. A method for providing bond or guaranty coverage, the method comprising the steps of:
- providing an online site having a server operable to receive a bond or guaranty request;
receiving from a first entity a bond or guaranty request;
issuing a bond or guaranty in response to bond or guaranty request; and
generating a unique identifier suitable to display on a computer network evidencing to a second entity that a bond or guaranty is in effect with respect to transactions involving a first entity.
1 Assignment
0 Petitions
Accused Products
Abstract
Disclosed is a method by which suretyship bonds and guaranties can be purchased and deployed over the Internet in real time, providing automatic application evaluation and policy binding. The principal'"'"'s credit card information is used in a repeating cycle of pre-authorized charges so that the card account serves as effective collateral. A bond seal image, safeguarded against piracy, appears in Web pages indicating the existence of bond coverage. A dynamically updated gauge displays the margin of coverage available under the bond at any given moment. Means of integrating the information technology of auction site and surety company are also disclosed. The invention makes possible an unprecedented level of security in user-to-user auction environments and eliminates the need for online escrow services. Means of accepting bidder deposit accounts is also disclosed, enabling automatic, electronic payment the moment an Internet auction closes and eliminating the need for online payment services.
164 Citations
68 Claims
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1. A method for providing bond or guaranty coverage, the method comprising the steps of:
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providing an online site having a server operable to receive a bond or guaranty request;
receiving from a first entity a bond or guaranty request;
issuing a bond or guaranty in response to bond or guaranty request; and
generating a unique identifier suitable to display on a computer network evidencing to a second entity that a bond or guaranty is in effect with respect to transactions involving a first entity. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 44, 45, 46, 47, 48, 49, 50)
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16. An online method to enable a first entity to serve as surety for a second entity, the method comprising the steps of:
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providing an online site having a server operable to receive a bond request;
receiving a bond request;
conducting a preauthorization of a charge to a specified account;
issuing a bond, wherein the first entity serves as a surety; and
conducting a re-preauthorization of a charge to a specified account after the occurrence or nonoccurrence of a specified condition and/or a period of time has passed. - View Dependent Claims (17, 18, 19, 20, 21)
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22. An online method for providing online bond or guaranty coverage, the method comprising the steps of:
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providing an online site having a server operable to receive a bond or guaranty request;
issuing a bond or guaranty to a first entity in response to a bond or guaranty request;
generating a unique identifier suitable to display on a computer network evidencing to a second entity that a bond or guaranty is in effect with respect to transactions involving a first entity; and
receiving a claim from the second entity in response to a first entity default. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29)
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30. An online method for providing online bond or guaranty coverage, the method comprising the steps of:
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providing an online site having a server operable to receive a bond request;
receiving a bond request for an online buyer;
registering the online buyer with the online site;
providing the online buyer with the ability to select a standard bond or a preferred bond; and
issuing a bond in response to the bond request by the online buyer. - View Dependent Claims (31)
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32. An online method for providing online bond or guaranty coverage, the method comprising the steps of:
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providing an online site having a server operable to receive a bond or guaranty request;
receiving a bond or guaranty request from a first entity;
processing the bond or guaranty request;
issuing a bond or guaranty to the first entity in response to the bond request;
displaying an unique identifier to an online auction site carrying the first entity'"'"'s auction listing, the unique identifier evidencing that the first entity'"'"'s auction listing is covered by a bond. - View Dependent Claims (33, 34, 35, 36)
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37. An online method for providing online bond or guaranty coverage, the method comprising the steps of:
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providing an online site having a server operable to receive a bond or guaranty request;
receiving from a first entity a bond or guaranty request;
issuing a bond or guaranty in response to bond or guaranty request; and
generating a unique identifier suitable to display on a computer network evidencing to a second entity that a bond or guaranty is in effect with respect to transactions involving a third entity. - View Dependent Claims (38, 39, 40, 41, 42, 43)
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51. A method for displaying on an online auction site the coverage limit remaining a given bond or guaranty, the method comprising the steps of:
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generating a Bond Margin Gauge, the Bond Margin Gauge corresponding to the difference between the bond or guaranty coverage limit and a value assigned to the transactions involving a first entity on an online auction site, and displaying the Bond Margin Gauge on an online auction site. - View Dependent Claims (52, 53)
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54. A method for conducting an internet auction having the auction bonded through the auction site, the method comprising the steps of:
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providing a first server operable to host an online auction, the server in communication with a first database having information relating to whether bonds are in effect; and
displaying an image in an area on the online auction under exclusive control of operator of the first server, the image evidencing that at least one of the parties to the auction is bonded. - View Dependent Claims (55)
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56. A method for conducting an online auction, the method comprising the steps of:
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providing a server configured to host an online auction;
providing a deposit account into which a first entity can make a deposit of funds;
receiving electronic funds transfer information for a second entity; and
after an auction has closed, transferring funds from the deposit account of a first entity to an account specified by a second entity using electronic funds transfer information provided by the second entity.
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57. A method of collateralizing a credit card, the method comprising the steps of:
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receiving credit account information from a first entity;
conducting a preauthorization of a charge to a user'"'"'s account;
after an occurrence or nonoccurrence of a specified condition and/or a period of time has passed, voiding the preauthorization and conducting a re-preauthorization of a charge to the same user'"'"'s account.
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58. A system to enable online purchasing by a principal of a surety bond, the system comprising:
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a server computer in communication with a client computer, the server computer operable to receive bond or guaranty request from a client computer;
a server computer program operable to process, evaluate and approve a bond or guaranty request, wherein a bond or guaranty request is approved and made legally binding without human review of the request.
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59. A method for preventing the piracy of an online image, the method comprising the steps of:
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generating a first image for display at a specified image address, the first image displaying a first expiration date;
generating a second image that is different than the first image, the second image displaying a second expiration date;
replacing the first image with the second image, so that the second image displays the second expiration date at the specified image address.
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60. A system for bonding an auction listing on an online auction site, the system comprising:
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a server operable to host an online auction site, the server being connected by a computer network to a client computer, the server operable to receive bond or guaranty request information from the client computer;
a database connected to the server, the database adapted to receive bond or guaranty request information;
a first computer program operable to process bond or guaranty request information; and
an unique identifier displayed by the server indicating the existence of bond or guaranty coverage for a given auction listing. - View Dependent Claims (61)
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62. A method for providing a surety bond to an Internet auction user, the method comprising the steps of:
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providing a server operable to receive a bond application;
assigning at least one value to the bond application, the value being based upon information provided in the bond application;
issuing a provisional bond when the value meets a predetermined threshold; and
after the issuance of a provisional bond, issuing a formal bond following manual review of the bond application.
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63. A method for conducting an Internet auction, the method comprising the steps of:
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providing a server operable to host an Internet auction;
providing a database adapted to retain information relating to bonding of users of an Internet auction site;
discounting the closing price of the auction when the winning bidder in the auction is bonded.
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64. A method for providing electronic payment services to users of an Internet auction site, the method comprising the steps of:
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providing a server operable to receive a first entity'"'"'s auction site user account information;
providing the first entity with a deposit account uniquely related to the first entity'"'"'s auction site user account;
providing a server operable to receive second entity'"'"'s auction site user account information;
retaining electronic funds transfer information that is uniquely related to the second entity'"'"'s auction site user account;
providing a server configured to receive information indicating that an Internet auction has closed; and
providing a computer program that electronically transfers funds from the first entity deposit account to the second entity after an auction has closed and the first entity is the winning bidder in an auction and the second entity is the seller.
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65. A method for providing electronic payment services to users of an Internet auction site, the method comprising the steps of:
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providing a server operable to register a first entity, the first entity being an auction site bidder;
opening a deposit account specific to the first entity;
providing a server operable to monitor the status of an Internet auction;
at the close of the Internet auction, providing finds from the first entity'"'"'s deposit account to a second entity where the second entity is a seller on an Internet auction site and the first entity is the winning bidder. - View Dependent Claims (66, 67, 68)
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Specification