Construction payment management system and method with budget reconciliation features
First Claim
1. A method of managing a construction payment process, the method comprising the acts of:
- electronically generating a primary budget for a construction project including at least one primary line item;
electronically assigning the at least one primary line item to a participant of the construction project;
electronically generating a secondary budget for the at least one primary line item, the secondary budget generated for at least one of a general contractor, a subcontractor, and a material supplier and including at least one secondary line item; and
electronically reconciling the primary budget and the secondary budget to generate a reconciled primary budget and a reconciled secondary budget, respectively, before administering a draw.
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Accused Products
Abstract
A system and method for managing a construction payment process. One method embodying the invention can include electronically creating a primary budget for a construction project including at least one first line item, electronically assigning the at least one first line item to a participant of the construction project, electronically creating a secondary budget for the at least one first line item, the secondary budget created for at least one of a general contractor, a subcontractor, and a material supplier and including at least one second line item, and automatically reconciling the primary budget and the secondary budget before administering a draw.
128 Citations
30 Claims
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1. A method of managing a construction payment process, the method comprising the acts of:
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electronically generating a primary budget for a construction project including at least one primary line item; electronically assigning the at least one primary line item to a participant of the construction project; electronically generating a secondary budget for the at least one primary line item, the secondary budget generated for at least one of a general contractor, a subcontractor, and a material supplier and including at least one secondary line item; and electronically reconciling the primary budget and the secondary budget to generate a reconciled primary budget and a reconciled secondary budget, respectively, before administering a draw. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A construction payment management system comprising:
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a project means configured to generate and manage a construction project; and a budget means configured to generate and maintain a primary budget including at least one primary line item for the project, the budget means further configured to (a) assign the at least one primary line item to a participant of the construction project, and (b) generate and maintain a secondary budget for the at least one primary line item included in the primary budget, the secondary budget generated for at least one of a general contractor, a subcontractor, and a material supplier and including at least one secondary line item, and wherein the budget means reconciles the primary budget and the secondary budget to generate a reconciled primary budget and a reconciled secondary budget, respectively, before administering a draw. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30)
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Specification