Construction payment management system and method with budget reconciliation features

• US 20060271479A1
• Filed: 07/12/2006
• Published: 11/30/2006
• Est. Priority Date: 06/29/2004
• Status: Abandoned Application

• Current Assignee: Textura LLC (Oracle Corporation)
• Original Assignee: Textura LLC (Oracle Corporation)
• Inventors: Eichhorn, William H., Allin, Patrick J., Niden, Howard L., Pedersen, Richard P. Jr., Bagley, Matthew R., Cherry, Charles C., Flynn, Michael L.
• Application Number:
  US11/485,610
• Publication Number:
  US 20060271479A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06F 3/0484 for the control of specific functions or operations, e.g. selecting or manipulating an object, an image or a displayed text element, setting a parameter value or selecting a range
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 10/0631 Resource planning, allocation, distributing or scheduling for enterprises or organisations
• CPC Class Codes: G06Q 10/06313 Resource planning in a project environment
• CPC Class Codes: G06Q 10/103 Workflow collaboration or project management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: G06Q 50/08 Construction
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A system and method for managing a construction payment process. One method embodying the invention can include electronically creating a primary budget for a construction project including at least one first line item, electronically assigning the at least one first line item to a participant of the construction project, electronically creating a secondary budget for the at least one first line item, the secondary budget created for at least one of a general contractor, a subcontractor, and a material supplier and including at least one second line item, and automatically reconciling the primary budget and the secondary budget before administering a draw.

Claims

1. A method of managing a construction payment process, the method comprising the acts of:

electronically creating a primary budget for a construction project including at least one first line item;

electronically assigning the at least one first line item to a participant of the construction project;

electronically creating a secondary budget for the at least one first line item, the secondary budget created for at least one of a general contractor, a subcontractor, and a material supplier and including at least one second line item; and

automatically reconciling the primary budget and the secondary budget before administering a draw.

2. The method of claim 1 and further comprising the act of creating at least one of an automated invoice, an automated sworn statement, and an automated lien waiver based on the primary budget including the at least one first line item and the secondary budget including the at least one second line item.

3. The method of claim 2 and further comprising the act of electronically executing at least one of the automated invoice, the automated sworn statement, and the automated lien waiver.

4. The method of claim 1 wherein the primary budget includes at least one of hard costs and soft costs and wherein the secondary budget includes only hard costs.

5. The method of claim 1 and further comprising the act of requesting acceptance of at least one of the primary budget and the secondary budget.

6. The method of claim 5 and further comprising the act of receiving at least one budget acceptance indication related to at least one of the primary budget including the at least one first line item and the secondary budget including the at least one second line item.

7. The method of claim 1 and further comprising the act of receiving a change order for at least one of the primary budget and the secondary budget.

8. The method of claim 7 and further comprising the act of requesting acceptance of the change order.

9. The method of claim 8 and further comprising the act of receiving at least one change order acceptance indication related to the change order.

10. The method of claim 1 wherein the primary budget and the secondary budget each include a project identifier and a contract amount.

11. The method of claim 1 wherein the primary budget includes a retention percentage value.

12. The method of claim 1 wherein the secondary budget includes a retention percentage value.

13. The method of claim 1 wherein the act of electronically creating a primary budget includes importing a primary budget.

14. The method of claim 1 wherein the act of electronically creating a secondary budget includes importing a secondary budget.

15. A construction payment management system comprising:

a project module for creating and managing a construction project; and

a budget module for creating and maintaining a primary budget including at least one first line item for the project and for assigning the at least one first line item to a participant of the construction project and for creating and maintaining a secondary budget for the at least one first line item included in the primary budget, the secondary budget created for at least one of a general contractor, a subcontractor, and a material supplier and including at least one second line item, and wherein the budget module automatically reconciles the primary budget and the secondary budget before administering a draw.

16. The construction payment management system of claim 15 and further comprising a draw module for creating, scheduling, and managing draws for the construction project based on the primary budget.

17. The construction payment management system of claim 16 wherein the draw module generates at least one of an automated invoice, an automated sworn statement, and an automated lien waiver based on the primary budget.

18. The construction payment management system of claim 16 and further comprising an electronic lien waiver holding bin for receiving and storing lien waivers from participants in the draws.

19. The construction payment management system of claim 15 and further comprising an organization module for creating and maintaining information regarding participants in the construction project.

20. The construction payment management system of claim 19 wherein the organization module creates and maintains information regarding a plurality of participants including at least one of an owner, an owner'"'"'s representative, a title company, a lender, an architect, an interior designer, an inspector, a general contractor, a subcontractor, a material supplier, a construction manager, an engineer, and a bonding company.

21. The construction payment management system of claim 15 and further comprising a system environment manager for configuring access, managing messages, creating reports, providing technical support, and managing interfaces with other software.

22. The construction payment management system of claim 15 and further comprising a user module for creating and updating users associated with participants.

23. The construction payment management system of claim 15 wherein the budget module customizes at least one of invoice codes, account codes, phase codes, and phase code descriptions.

24. The construction payment management system of claim 15 and further comprising a notifications manager for creating, editing, and transmitting notifications to participants.

25. The construction payment management system of claim 15 wherein the project module assigns a plurality of participants to the construction project.

26. The construction payment management system of claim 15 and further comprising a change order module for modifying at least one of the primary budget and the secondary budget and for approving modifications to at least one of the primary budget and the secondary budget.

27. The construction payment management system of claim 15 wherein the primary budget and the secondary budget each include a project identifier and a contract amount.

28. The construction payment management system of claim 15 wherein the primary budget includes a retention percentage value.

29. The construction payment management system of claim 15 wherein the secondary budget includes a retention percentage value.

30. The construction payment management system of claim 15 wherein the budget module imports at least one of the primary budget and the secondary budget.