Construction payment management system and method with automated electronic document generation features
First Claim
1. A method of managing a construction payment process, the method comprising the acts ofestablishing electronic communication between a payee device and a construction project management server, wherein the payee device is associated with a payee in a construction project;
- generating a budget for a construction project and storing the generated budget on a computer-readable memory;
storing additional project information to the computer-readable memory, the additional project information relating to the construction project and participants associated with the construction project;
receiving, by the construction project management server, an invoice amount from the payee device;
in response to receiving the invoice amount, automatically generating, by the construction project management server, an invoice document and a lien waiver document based on the invoice amount, the stored budget, and the stored additional project information;
transmitting the lien waiver document to the payee through the payee device with a request for a signature;
electronically receiving a signed lien waiver document from the payee;
storing the signed lien waiver document to the computer-readable memory and temporarily preventing a payor from accessing the signed lien waiver document;
electronically transmitting a payment to the payee from the payor after receiving the signed lien waiver document and before transmitting the signed lien waiver document to the payor; and
electronically transmitting the signed lien waiver document to the payor only after the payment has been transmitted to the payee.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method for managing a construction payment process. One method embodying the invention can include generating a budget for a construction project, receiving an invoice amount from at least one participant in the construction project, generating at least one of an automated invoice and an automated sworn statement based on the invoice amount and the budget, generating at least one automated lien waiver based on at least one of the automated invoice and the automated sworn statement, and electronically executing at least one of the automated invoice, the automated sworn statement, and the at least one automated lien waiver to create at least one of a legally-binding invoice, a legally-binding sworn statement, and a legally-binding lien waiver. Another method embodying the invention can include electronically receiving a lien waiver from a participant in a construction project, electronically transmitting payment to the participant in response to receipt of the lien waiver, and releasing the lien waiver in response to the payment.
18 Citations
30 Claims
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1. A method of managing a construction payment process, the method comprising the acts of
establishing electronic communication between a payee device and a construction project management server, wherein the payee device is associated with a payee in a construction project; -
generating a budget for a construction project and storing the generated budget on a computer-readable memory; storing additional project information to the computer-readable memory, the additional project information relating to the construction project and participants associated with the construction project; receiving, by the construction project management server, an invoice amount from the payee device; in response to receiving the invoice amount, automatically generating, by the construction project management server, an invoice document and a lien waiver document based on the invoice amount, the stored budget, and the stored additional project information; transmitting the lien waiver document to the payee through the payee device with a request for a signature; electronically receiving a signed lien waiver document from the payee; storing the signed lien waiver document to the computer-readable memory and temporarily preventing a payor from accessing the signed lien waiver document; electronically transmitting a payment to the payee from the payor after receiving the signed lien waiver document and before transmitting the signed lien waiver document to the payor; and electronically transmitting the signed lien waiver document to the payor only after the payment has been transmitted to the payee. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 27, 28)
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14. A construction payment management system comprising:
an application server including a processor and a memory, the memory storing an electronic holding bin and a draw module, the draw module including computer executable instructions that, when executed by the processor, cause the application server to establish electronic communication between a payee device and the application server, wherein the payee device is associated with a payee in a construction project, generate a budget for a construction project and storing the generated budget on the computer-readable memory, store additional project information on the computer-readable memory, the additional project information relating to the construction project and participants associated with the construction project, receive an invoice amount from the payee device, in response to receiving the invoice amount, automatically generate an invoice document and a lien waiver document based on the invoice amount, the stored budget, and the stored additional project information, transmit the lien waiver document to the payee through the payee device with a request for a signature, electronically receive a signed lien waiver document from the payee, store the signed lien waiver document to the electronic holding bin, temporarily prevent a payor from accessing the signed lien waiver document, electronically transmit a payment to the payee from the payor after receiving the signed lien waiver document and before transmitting the signed lien waiver document to the payor, and electronically transmit the signed lien waiver document to the payor only after the payment has been transmitted. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 29, 30)
Specification