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CONSTRUCTION PAYMENT MANAGEMENT SYSTEM AND METHOD WITH DRAW NOTIFICATION FEATURES

  • US 20160267450A1
  • Filed: 05/24/2016
  • Published: 09/15/2016
  • Est. Priority Date: 06/29/2004
  • Status: Active Grant
First Claim
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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:

  • 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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