Method and system for automated auction and tender of complex multi-variable commodities

• US 7,835,970 B1
• Filed: 02/02/2000
• Issued: 11/16/2010
• Est. Priority Date: 02/02/2000
• Status: Expired due to Fees

• Current Assignee: CMVT, LLC
• Original Assignee: CMVT, LLC
• Inventors: Marchegiani, Boris V.
• Primary Examiner(s): Colbert; Ella
• Application Number:
  US09/496,389
• Time in Patent Office: 3,940 Days
• Field of Search: 707/1, 707/10, 707/100, 707/102, 707/104.1, 707/200, 707/609, 707/705, 705/28, 705/29, 705/35, 705/36, 705/37, 705/38, 705/39, 705/80, 705/400, 705/26, 705/1, 705/10, 705/36.R, 709/203, 709/204, 710/241
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method for the auction and tender of complex multi-variable commodities, which are defined as commodities having a plurality of characteristics with each characteristic'"'"'s value contributing to the determination of the commodity price. The system and method are implemented using an exception handling process whereby a tender participant requests exceptions to the terms and conditions of the original tender. The original tender serves as the baseline tender all participants bid on. Exceptions are changes that are priced in addition to the baseline bid. The suggested auction and tender winners are determined based on the their baseline bids. The winner can execute accepted exceptions for an additional fee.

Claims

1. An automated auction and tender system for effecting electronic transactions between a tender initiator and a tender recipient, comprising:

a storage device for storing information regarding at least one tender of a multi-variable commodity, wherein the at least one tender having at least one term;

a processing device for generating the at least one tender, wherein the at least one tender is created by the tender initiator, and wherein the at least one tender includes an authorization to receive a request to change the at least one term of the multi-variable commodity, the request being submitted by the tender recipient;

a communication network for transmitting information, corresponding to the at least one tender, to the tender recipient,

the communication network further configured for receiving the request from the tender recipient to change the at least one term of the at least one tender,

wherein the at least one term is changed to create an amended tender in response to receiving the request, wherein the amended tender includes the at least one term and a changed term,

wherein the amended tender is created upon accepting the request to change the at least one term received from the tender recipient,

wherein the at least one term of the at least one tender that is changed relates to a physical characteristic of the complex multi-variable commodity.

2. The system according to claim 1, wherein the processing device executes a program on a remote device.

3. The system according to claim 1, wherein the storage device includes a database storing data which is related to the at least one tender.

4. The system according to claim 3, wherein the database is a relational database.

5. The system according to claim 1, wherein the processing device:

receives the stored information, wherein the stored information includes information for creating the at least one tender;

analyzes the stored information to create analyzed information, and

transmits the analyzed information to a further processing device,

wherein the analyzed information is transmitted in response to the stored information.

6. The system according to claim 1, wherein the processing device at least one of transmits and receives the information electronically via the Internet.

7. The system according to claim 1, wherein the processing device at least one of transmits and receives information electronically via a network of further processing devices.

8. A computer-implemented method for effecting electronic transactions between a tender initiator and a tender recipient, comprising the steps of:

storing, via a storage device in communication with the tender initiator, information regarding at least one tender of a multi-variable commodity having at least one term;

generating, via a processing device in communication with a network server, the at least one tender by the tender initiator, wherein the at least one tender includes an authorization to receive a request to change the at least one term of the multi-variable commodity;

transmitting, via a communication network, information corresponding to the at least one tender to the tender recipient;

receiving, via the communication network, a request from the tender recipient to change the at least one term,

wherein the at least one term is changed to create an amended tender in response to receiving the request, wherein the amended tender includes the at least one term and a changed term,

wherein the amended tender is created upon accepting the request to change the at least one term received from the tender recipient,

wherein the at least one term of the at least one tender that is changed relates to a physical characteristic of the complex multi-variable commodity.

9. The computer-implemented method of claim 8, further comprising the step of executing, via the processing device, a program on a remote device.

10. The computer-implemented method of claim 8, wherein the storage device includes a database storing data which is related to the at least one tender.

11. The computer-implemented method of claim 10, wherein the database is a relational database.

12. The computer-implemented method of claim 8, further comprising the steps of:

receiving the stored information, wherein the stored information includes information for creating the at least one tender;

analyzing the stored information to create analyzed information, and

transmitting the analyzed information to a further processing device,

wherein the analyzed information is transmitted in response to the stored information.

13. The computer-implemented method of claim 8, wherein the processing device at least one of transmits and receives the information electronically via the Internet.

14. The computer-implemented method of claim 8, wherein the processing device at least one of transmits and receives information electronically via a network of further processing devices.