CONSTRUCTION PAYMENT MANAGEMENT SYSTEM AND METHOD WITH DRAW NOTIFICATION FEATURES
First Claim
1. A construction payment management system comprising an application server including a processor and a computer readable memory storing instructions that, when executed by the processor, cause the application server to:
- determine a date on which a draw is to occur for a construction project;
electronically generate a notification including an indication of the date on which the draw will occur and an invitation to initiate a request for payment to be included in the draw;
determine a plurality of participants associated with the construction project to be notified of the draw;
transmit the notification to the determined plurality of participants;
electronically initiate the draw on the determined date, wherein at least one participant of the determined plurality of participants receives a payment in the draw.
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Accused Products
Abstract
Systems and method for managing a construction payment process. When instructions are executed by a processor, an application server determines a date on which a draw is to occur for a construction project and generates a notification. The notification includes an indication of the date on which the draw will occur and an invitation to initiate a request for payment to be included in the draw. The application server then determines a plurality of participants associated with the construction project to be included in the draw and transmits the notification to the determined plurality of participants. The application server initiates the draw on the determined date and at least one participant of the determined plurality of participants receives a payment in the draw.
5 Citations
20 Claims
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1. A construction payment management system comprising an application server including a processor and a computer readable memory storing instructions that, when executed by the processor, cause the application server to:
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determine a date on which a draw is to occur for a construction project; electronically generate a notification including an indication of the date on which the draw will occur and an invitation to initiate a request for payment to be included in the draw; determine a plurality of participants associated with the construction project to be notified of the draw; transmit the notification to the determined plurality of participants; electronically initiate the draw on the determined date, wherein at least one participant of the determined plurality of participants receives a payment in the draw. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A method of managing a payment process for a construction project, the method comprising:
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determining a date on which a draw is to occur for a construction project; electronically generating a notification including an indication of the date on which the draw will occur and an invitation to initiate a request for payment to be included in the draw; determining a plurality of participants associated with the construction project to be notified of the draw; transmitting the notification to the determined plurality of participants; electronically initiating the draw on the determined date, wherein at least one participant of the determined plurality of participants receives a payment in the draw. - View Dependent Claims (14, 15, 20)
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- 16. The method of claim 16, wherein the at least one participant of the determined plurality of participants that receives a payment in the draw includes a first participant, and further comprising receiving a request for payment from the first participant before the date on which the draw is to occur.
Specification