CONSTRUCTION PAYMENT MANAGEMENT SYSTEM AND METHOD WITH BUDGET RECONCILIATION FEATURES
First Claim
1. A computer-implemented method of managing a construction project payment process, the method comprising the acts of:
- electronically generating a primary budget for a construction project including a plurality of primary budget line items, wherein a first participant is able to make changes to the primary budget;
electronically assigning a first primary budget line item of the plurality of primary budget line items to a second participant of the construction project, the first primary budget line item including a budget amount;
electronically generating a secondary budget for the first primary budget line item, the secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the second participant is able to make changes to the secondary budget;
storing invoice amounts for one or more payments made to the second participant that correspond to the one or more secondary budget line items from the secondary budget; and
electronically administering a draw that includes a new payment to the second participant for an invoiced amount corresponding to one or more secondary budget line items from the secondary budget only when a total sum of the invoice amounts for the one or more payments and the invoice amount for the new payment is less than or equal to the budget amount of the first primary budget line item.
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Accused Products
Abstract
A computer-implemented method of reconciling a primary budget for a construction project. One embodiment of the invention includes generating a primary budget for the construction project and assigning a first primary budget line item from the primary budget to a participant. A secondary budget is then generated for the primary budget line item. Invoice amounts corresponding to secondary budget line items are stored. Before administering a draw that includes a new payment to the second participant, the system ensures that the total sum of a current invoiced amount and all previously invoiced amounts corresponding to secondary budget line items is less than or equal to the budget amount of the primary budget line item.
9 Citations
23 Claims
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1. A computer-implemented method of managing a construction project payment process, the method comprising the acts of:
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electronically generating a primary budget for a construction project including a plurality of primary budget line items, wherein a first participant is able to make changes to the primary budget; electronically assigning a first primary budget line item of the plurality of primary budget line items to a second participant of the construction project, the first primary budget line item including a budget amount; electronically generating a secondary budget for the first primary budget line item, the secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the second participant is able to make changes to the secondary budget; storing invoice amounts for one or more payments made to the second participant that correspond to the one or more secondary budget line items from the secondary budget; and electronically administering a draw that includes a new payment to the second participant for an invoiced amount corresponding to one or more secondary budget line items from the secondary budget only when a total sum of the invoice amounts for the one or more payments and the invoice amount for the new payment is less than or equal to the budget amount of the first primary budget line item. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A construction payment management system comprising:
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a processor; and a computer-readable memory storing instructions that, when executed by the processor, cause the construction payment management system to generate a primary budget for a construction project based on inputs received from a first participant, the primary budget including a plurality of primary budget line items, wherein the first participant is able to make changes to the primary budget, assign a first primary budget line item of the plurality of primary budget line items to a second participant of the construction project, the first primary budget line item including a budget amount, generate a secondary budget for the first primary budget line item based on inputs received from the second participant, the secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the second participant is able to make changes to the secondary budget, store invoice amounts to the computer-readable memory for one or more payments made to the second participant that correspond to one or more secondary budget line items from the secondary budget, and administer a draw that includes a new payment to the second participant for an invoiced amount corresponding to one or more secondary budget line items from the secondary budget only when a total sum of the invoice amounts for the one or more payments and the invoice amount for the new payment is less than or equal to the budget amount of the first primary budget line item. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A computer-implemented method of managing a construction project payment process, the method comprising the acts of:
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electronically generating a primary budget for a construction project based on inputs received from a first participant, the primary budget including a plurality of primary budget line items, wherein the first participant is able to make changes to the primary budget; electronically assigning a first primary budget line item of the plurality of primary budget line items to a second participant of the construction project, the first primary budget line item including a budget amount; electronically generating a secondary budget for the first primary budget line item based on inputs received from the second participant, the secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the second participant is able to make changes to the secondary budget; storing invoice amounts for one or more payments made to the second participant that correspond to the one or more secondary budget line items from the secondary budget; generating an invoice requesting a new payment to the second participant for an invoice amount corresponding to one ore more of the secondary budget line items only when a total sum of the invoice amounts for the one or more payments and the invoice amount for the new payment is less than or equal to the budget amount of the first primary budget line item and a total sum of the budget amounts for the secondary budget line items is less than or equal to the budget amount of the primary budget line item; and initiating the new payment after generating the invoice.
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Specification