System and method for constraining depletion amount in a defined time frame
First Claim
1. A method for constraining a consumer'"'"'s ability to take delivery of a price protected commodity, comprising:
- providing to a consumer a price protection contract for the purchase of a commodity, wherein the price protection contract specifies a locale and at least one lock price and quantity such that commodity may be purchased at the lock price at one of a plurality of locations within the locale, wherein providing the price protection contract comprises;
setting up an account associated with the price protection contract for the consumer at a price protection system accessible by the consumer over a network via one or more computing devices;
creating a virtual reserve of the price protected commodity with the account, wherein the virtual reserve represents the quantity of the commodity available for purchase by the consumer under the price protection contract;
specifying a time frame for the price protection contract, wherein the time frame comprises a plurality of time segments and each of the plurality of time segments is associated with a predefined quantity of the virtual reserve of the price protected commodity that is to be depleted during the time segment;
receiving, by a price protection computer via a network, information from a computer at a retail location associated with the purchase of the commodity, wherein the information includes a retail price, a quantity, a time of purchase and information about the retail location,wherein if the quantity of the commodity is purchased within the locale, and the quantity is less than a current quantity of the virtual reserve and the quantity is less than the predefined quantity that is to be depleted during an associated time segment, the method further comprises;
billing the consumer, by the price protection computer, according to the price protection contract; and
depleting, by the price protection computer, the quantity from the virtual reserve.
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Accused Products
Abstract
Embodiments disclosed herein provide price protection on commodity purchases in which a consumer can select, accept, or otherwise agree to a depletion constraint on the consumption of the commodity thus purchased. Based on the agreed depletion constraint, a provider may adjust terms and/or the price of the price protection. In some embodiments, the depletion constraint can be time-based, quantity-based, value-based, or a combination thereof. In some embodiments, the depletion constraint can be linear. In some embodiments, a consumer may be required to purchase a certain amount of the commodity during a specified time frame. In some embodiments, the provider of the price protection may receive a payment from the consumer when the retail price of the commodity at the time of the purchase is below a specified floor price. In some embodiments, the commodity is motor fuel.
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Citations
20 Claims
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1. A method for constraining a consumer'"'"'s ability to take delivery of a price protected commodity, comprising:
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providing to a consumer a price protection contract for the purchase of a commodity, wherein the price protection contract specifies a locale and at least one lock price and quantity such that commodity may be purchased at the lock price at one of a plurality of locations within the locale, wherein providing the price protection contract comprises; setting up an account associated with the price protection contract for the consumer at a price protection system accessible by the consumer over a network via one or more computing devices; creating a virtual reserve of the price protected commodity with the account, wherein the virtual reserve represents the quantity of the commodity available for purchase by the consumer under the price protection contract; specifying a time frame for the price protection contract, wherein the time frame comprises a plurality of time segments and each of the plurality of time segments is associated with a predefined quantity of the virtual reserve of the price protected commodity that is to be depleted during the time segment; receiving, by a price protection computer via a network, information from a computer at a retail location associated with the purchase of the commodity, wherein the information includes a retail price, a quantity, a time of purchase and information about the retail location, wherein if the quantity of the commodity is purchased within the locale, and the quantity is less than a current quantity of the virtual reserve and the quantity is less than the predefined quantity that is to be depleted during an associated time segment, the method further comprises; billing the consumer, by the price protection computer, according to the price protection contract; and depleting, by the price protection computer, the quantity from the virtual reserve. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A system for constraining a consumer'"'"'s ability to take delivery of a price protected commodity, comprising:
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a processor; and a machine-readable non-transitory medium having stored thereon a plurality of instructions, the plurality of instructions executable by the processor to perform; associating a locale and at least one lock price and quantity with a price protection contract for the purchase of a commodity such that commodity may be purchased at the lock price at one of a plurality of locations within the locale, wherein providing the price protection contract comprises; setting up an account associated with the price protection contract for a consumer at a price protection system accessible by the consumer over a network via one or more computing devices; creating a virtual reserve of the price protected commodity with the account, wherein the virtual reserve represents the quantity of the commodity available for purchase by the consumer under the price protection contract; specifying a time frame for the price protection contract, wherein the time frame comprises a plurality of time segments and each of the plurality of time segments is associated with a predefined quantity of the virtual reserve of the price protected commodity that is to be depleted during the time segment; receiving, via a network, information from a computer at a retail location associated with the purchase of the commodity, wherein the information includes a retail price, a quantity, a time of purchase and information about the retail location, wherein if the quantity of the commodity is purchased within the locale, and the quantity is less than a current quantity of the virtual reserve and the quantity is less than the predefined quantity that is to be depleted during an associated time segment, the method further comprises; billing the consumer according to the price protection contract; and depleting the quantity from the virtual reserve. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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15. A method of constraining a consumer'"'"'s ability to take delivery of a price protected commodity, comprising:
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receiving, by a price protection computer coupled to a network, information associated with the purchase of the commodity from a computer associated with a retail location, wherein the information includes a retail price, a quantity, a time of purchase and information about the retail location; determining, by the price protection computer, whether the quantity of the commodity is purchased within a locale specified in a price protection contract; and determining whether the quantity purchased is less than a virtual reserve representing the quantity of the commodity available for purchase by the consumer under the price protection contract; and determining whether a quantity of the commodity purchased within a time segment is less than a predefined quantity of the virtual reserve that is to be depleted during that time segment, wherein if the quantity of the commodity is purchased within the locale, and the quantity is less than a current quantity of the virtual reserve and the quantity is less than the predefined quantity that is to be depleted during an associated time segment, the method further comprises; billing the consumer, by the price protection computer, according to the price protection contract; and depleting, by the price protection computer, the quantity from the virtual reserve. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification