Method and apparatus for negotiating a contract over a computer network

• US 7,146,343 B2
• Filed: 01/11/2002
• Issued: 12/05/2006
• Est. Priority Date: 07/05/2000
• Status: Expired due to Term

• Current Assignee: J J Donahue & Company
• Original Assignee: J J Donahue & Company
• Inventors: Donahue, John J.
• Primary Examiner(s): Reagan, James A.
• Application Number:
  US10/042,245
• Publication Number:
  US 20020095311A1
• Time in Patent Office: 1,789 Days
• Field of Search: 705/80, 707/104.1, 707/203, 707/204, 707/205, 707/10, 707/200, 707/3, 709/203, 709/219, 709/217, 709/231, 713/176, 386/126
• US Class Current: 705/80
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 50/08 Construction
• CPC Class Codes: G06Q 50/16 Real estate
• CPC Class Codes: G06Q 50/18 Legal services
• CPC Class Codes: G06Q 50/188 Electronic negotiation
• CPC Class Codes: Y10S 707/99933 Query processing, i.e. searching
• CPC Class Codes: Y10S 707/99945 Object-oriented database structure processing
• CPC Class Codes: Y10S 707/99953 Recoverability

Abstract

The invention provides a system and method that facilitates a structured contract negotiation between two parties, such as parties to a real estate transaction. A series of predefined milestone negotiation steps are executed on a computer that couples two parties through a network, such as the Internet. The negotiators answer predefined questions regarding a proposed transaction in such a manner that certain aspects of the transaction can be agreed upon early during the negotiation process while others are deferred to later phases. In each phase, each party selects from a predefined list of actions associated with a particular aspect of the negotiation (e.g., sale price). Third-party service providers such as brokers and architects can be automatically pulled into the negotiations using computer-issued requests for services. Feedback from the parties in the form of problems encountered and solutions achieved during the negotiation process are collected and stored in a database for review and use by other future negotiation parties. Improvements to the disclosed invention include (1) rules-based agreement on negotiator-supplied terms; (2) delegation to transaction team members or service providers; (3) summary reports with link to messaging system; (4) a dual messaging system; (5) customized negotiation process; and (6) sale-specific features.

Claims

1. A computer-assisted method of negotiating a contract over a computer network between a first negotiator and a second negotiator, comprising the steps of:

(1) displaying on a first computer screen a plurality of predefined contract provisions, each relating to a contract provision and including an agree/defer selector for the first negotiator;

a first dialogue box into which the first negotiator can enter text;

an agree/defer selector for the second negotiator; and

a second dialogue box into which the second negotiator can enter text;

(2) receiving for each of the plurality of predefined contract provisions an agree/defer selection from the first negotiator;

(3) displaying on a second computer screen the plurality of predefined contract provisions, including any agree/defer selections made by the first negotiator;

the first dialogue box;

the agree/defer selector for the second negotiator, and the second dialog box;

(4) receiving for each of the plurality of predefined contract provisions an agree/defer selection from the second negotiator;

(5) storing the agree/defer selections made by the first and second negotiators in a computer memory;

(6) in response to detecting that the first and second negotiators have entered identical text in each respective first and second dialogue boxes, permitting the second negotiator to select “

agree” and

otherwise inhibiting such selection; and

(7) repeating steps (1) and (3) until the first and second negotiator have selected either agree or defer for each of the plurality of contract provisions.

2. The computer-assisted method of claim 1, further comprising the step of preventing the first negotiator from entering text into the second dialogue box.

3. The computer-assisted method of claim 1, further comprising the step of, in steps (1) and (2), displaying a first response box into which the first negotiator can enter text, and a second response box into which the second negotiator can enter text, the method further comprising the step of:

in response to detecting that the first and second negotiators have entered identical text in each respective first and second response box, permitting the first and second negotiators to select “

agree”

for the agree/defer selector, and otherwise inhibiting such selection.

4. The computer-assisted method of claim 1, further comprising the step of:

(a) in response to detecting that the second negotiator has entered text in the second dialogue box, determining whether the first negotiator has indicated acceptance of the text in the second dialogue box and, in response to such acceptance, permitting the first negotiator to select an “

agree”

selector, and otherwise inhibiting such selection.

5. The computer-assisted method of claim 4, further comprising the step of:

(b) in response to detecting that the first negotiator has entered text in the first dialogue box, determining whether the second negotiator has indicated acceptance of the text in the first dialogue box and, in response to such acceptance, permitting the first negotiator to select an “

agree”

selector, and otherwise inhibiting such selection.

6. The computer-assisted method of claim 5, wherein steps (a) and (b) comprise the step of determining whether each respective negotiator has entered text into a response box.

7. The computer-assisted method of claim 1, further comprising the step of:

in response to detecting that the first and second negotiators have entered different text in each respective first and second dialogue box for a particular contract provision, generating a message highlighting a discrepancy with respect to that particular contract provision.

8. The method of claim 1, further comprising:

(a) repeating steps (1) through (5) for a plurality of different transactions; and

(b) generating a summary report that includes, for each of the plurality of different transactions, information identifying the contract and a current contact person for each respective transaction, and, in response to selecting one of the current contact persons, generating a message to the one current contact person.

9. The computer-assisted method of claim 8, wherein step (b) comprises the step of including on the summary report a current contact person that has been authorized to act on behalf of one of the negotiators.

10. The computer-assisted method of claim 8, wherein step (b) comprises the step of including on the summary report a current contact person that is identified by a role played in negotiating the transactions.

11. The computer-assisted method of claim 10, wherein step (b) comprises the step of displaying a menu of choices including a plurality of current contacts identified by respective roles played in negotiating the transaction.

12. The computer-assisted method of claim 8, further comprising the step of generating a second summary report that includes, for one of the plurality of different transactions, a plurality of phases into which the one transaction has been partitioned, and displaying different current contact persons for at least two of the plurality of phases.

13. The computer-assisted method of claim 8, wherein step (b) comprises the step of generating a summary report that includes the information identifying each transaction on a single line of a multi-line tabular display format.

14. The method of claim 1, further comprising:

providing a dual-messaging function that permits members of a transaction team authorized to act on behalf of one of the negotiators to transmit messages to other members of the transaction team that are recorded in a message log that can be viewed by all members of the transaction team, and permits members of the transaction team to selectively transmit messages to other members of the transaction team that are not recorded in the message log, such that they cannot be viewed by all members of the transaction team.

15. The method of claim 1, further comprising:

providing a customization function that permits one of the negotiators to, prior to step (1), selectively exclude one or more of the predetermined agreement provisions from being displayed in steps (1) and (3).

16. The method of claim 1, further comprising:

negotiating between the first and second negotiators to reach agreement on at least one of the provisions for which the first and second negotiators did not reach agreement;

receiving from each party an evaluation form including information relating to the sale negotiation process; and

generating a report including information received from the evaluation form.

17. The computer-assisted method of claim 1, wherein the contract relates to a real estate transaction.