Transaction processing system to facilitate the commercial support activities associated with the buying and selling of commodity products
First Claim
1. A method for processing transactions through a computer network for supporting the trading of a commodity product between a plurality of parties, comprising the steps of:
- maintaining a standard contract in a computer system, the standard contract including terms previously agreed upon by the parties and including terms by which the parties agreed to be bound, receiving a set of transaction terms, which include terms agreed upon by the parties for a transaction;
producing a transaction contract, which is an instance of the standard contract populated with the set of transaction terms, in response to transaction information received from a buyer and/or from a seller for a transaction, making said transaction contract available to said buyer and to said seller, receiving an approval command from said buyer and said seller for affirming acceptance of said transaction contract, receiving scheduling information from said buyer and/or seller, generating a product delivery schedule based on said transaction contract and said scheduling information, making said product delivery schedule available to said buyer and said seller, receiving an approval command from said buyer and said seller for affirming acceptance of sand product delivery schedule, sending product delivery information, which is based on said product delivery schedule, to at least one delivery asset, receiving a product delivery report from said delivery asset, generating a product transaction invoice based on at least said product delivery report and said transaction contract, making said product transaction invoice available to said buyer and said seller, receiving an approval command from said buyer and said seller for affirming acceptance of said product transaction invoice, and sending a payment statement to said buyer and seller wherein said payment statement is based on said product transaction invoice.
4 Assignments
0 Petitions
Accused Products
Abstract
A transaction processing system facilitates the buying and selling of commodity products by establishing a single documentary record for the transaction, requiring approval of variables introduced into the transaction. The parties register and agree to a standard contract of terms. For each transaction, the unique data for that transaction is entered by the parties and then must be affirmatively approved. Next, a schedule for delivery of the product is developed in conjunction with an overall schedule for product delivery for all of the current transactions. After the product is delivered, a product delivery report is provided from the delivery asset specifying the volume of the product, its composition, and shipment. This information, in conjunction with the transaction contract, are utilized to produce invoicing data. The parties must affirmatively approve the invoicing data prior to the production of payment statements by the system.
63 Citations
30 Claims
-
1. A method for processing transactions through a computer network for supporting the trading of a commodity product between a plurality of parties, comprising the steps of:
-
maintaining a standard contract in a computer system, the standard contract including terms previously agreed upon by the parties and including terms by which the parties agreed to be bound, receiving a set of transaction terms, which include terms agreed upon by the parties for a transaction;
producing a transaction contract, which is an instance of the standard contract populated with the set of transaction terms, in response to transaction information received from a buyer and/or from a seller for a transaction, making said transaction contract available to said buyer and to said seller, receiving an approval command from said buyer and said seller for affirming acceptance of said transaction contract, receiving scheduling information from said buyer and/or seller, generating a product delivery schedule based on said transaction contract and said scheduling information, making said product delivery schedule available to said buyer and said seller, receiving an approval command from said buyer and said seller for affirming acceptance of sand product delivery schedule, sending product delivery information, which is based on said product delivery schedule, to at least one delivery asset, receiving a product delivery report from said delivery asset, generating a product transaction invoice based on at least said product delivery report and said transaction contract, making said product transaction invoice available to said buyer and said seller, receiving an approval command from said buyer and said seller for affirming acceptance of said product transaction invoice, and sending a payment statement to said buyer and seller wherein said payment statement is based on said product transaction invoice. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
-
-
13. A method for processing transactions through a computer network for supporting the trading of a commodity product between a plurality of parties, comprising the steps of:
-
maintaining a standard contract in a computer system, the standard contract including terms previously agreed upon by the parties and including terms by which the parties agreed to be bound, receiving specific transaction information from a buyer and/or a seller by said computer system for a product transaction between said buyer and seller, said transaction information including a set of transaction terms agreed upon by the parties for a transaction;
creating in said computer system a transaction contract, which is a populated instance of said standard contract based on said transaction information received from said buyer and/or seller, making said transaction contract available to said buyer and/or said seller, generating a product delivery schedule based on said scheduling information, making said product delivery schedule available to said buyer and/or seller, receiving an approval command from said buyer and from said seller to affirm said transaction contract, maintaining a plurality of tables of information relating to said transactions in said computer system, wherein said tables of information are available to said plurality of parties, receiving scheduling information for said product transaction from one or more of said buyer and/or seller, receiving an approval command from said buyer and from said seller to affirm said scheduling information, generating a product delivery schedule for said product for said transaction based on said transaction contract, data from said tables of information, and said scheduling information, providing said product delivery schedule to a delivery asset, receiving a product delivery report from said delivery asset wherein said delivery asset provided transportation for said product, generating a product transaction invoice based on said product delivery report and data from said tables of information, receiving invoice information from one or more of said buyer and/or seller, receiving an approval command from said buyer and from said seller to affirm said product transaction invoice, generating invoice and payable information based on said product transaction invoice, and sending at least portions of said invoice and payable information to said buyer and to said seller. - View Dependent Claims (14, 15, 16, 17, 18, 19, 22)
-
- 20. A method for processing transactions through a computer network for supporting the trading of a commodity product as recited in claim wherein said product delivery schedule is a part of a multi-transaction product delivery schedule for a plurality of users of said computer network who have entered into a plurality of said transactions.
-
23. A method for processing transactions through a computer network for supporting the trading of a commodity product as recited in claim wherein said commodity product is a natural gas liquid.
-
24. A method for providing financial guarantees for transactions processed through a computer network to support the trading of a commodity product between a plurality of parties, comprising the steps of:
-
providing a given line of credit by a financial entity to a buyer who is registered to use the computer network for engaging in transactions for said product, maintaining a standard contract in a computer system, the standard contract including terms previously agreed to by the parties and including terms by which the parties agreed to be bound, receiving transaction information, which includes a set of transaction terms agreed upon by the parties for a transaction, from said buyer and/or a seller for producing a transaction contract, which is an instance of the standard contract populated with the set of transaction terms, receiving an approval command from said buyer and said seller for affirming the transaction contract, receiving scheduling information from said buyer and/or said seller to produce a product delivery schedule, receiving an approval command from said buyer and said seller for approval of said product delivery schedule, producing product delivery information for a delivery asset, receiving a product delivery report from said delivery asset, producing an invoice record based at least on said transaction contract and said product delivery report, monitoring by said financial entity terms associated with each said transaction contract associated with said buyer, comparing by said financial entity obligations in sum incurred by said buyer to said given line of credit, monitoring payments made by said buyer for completion of said transactions, and determining by said financial entity the extent of credit available to said buyer based on said obligations incurred by said buyer, said payments made by said buyer and said given line of credit. - View Dependent Claims (25, 26, 27, 28, 29, 30)
-
Specification