Construction payment management system and method with sub-tier document exchange and approval features

• US 8,296,199 B2
• Filed: 01/08/2009
• Issued: 10/23/2012
• Est. Priority Date: 04/05/2007
• Status: Active Grant

• Current Assignee: Textura LLC (Oracle Corporation)
• Original Assignee: Textura LLC (Oracle Corporation)
• Inventors: Allin, Patrick J., Eichhorn, William H., Wagner, Jeffrey K., Smith, John W.
• Primary Examiner(s): Glass, Russell S
• Application Number:
  US12/350,810
• Publication Number:
  US 20090171724A1
• Time in Patent Office: 1,384 Days
• Field of Search: 705/30
• US Class Current: 705/30
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Systems and methods for managing a construction payment process wherein a higher degree of functionality is provided to primary users and only a limited subset of functionality is provided to sub-tier contractors. One construction of the system is configured to receive an electronically signed document and a request for payment from the sub-tier contractor. The request for payment is presented to a first primary user who is a contractual parent of the sub-tier contractor. When approval of the request for payment is received, a payment is initiated from a project payor to the sub-tier contractor. In some embodiments, the project payor is a contractual grandparent of the sub-tier contractor and a contractual parent of the first primary user.

Claims

1. A computer implemented method of managing a construction project payment process comprising:

receiving an electronically signed document and a request for payment from a first participant associated with a construction project;

storing the electronically signed document to a computer-readable memory and preventing other participants from accessing the signature of the electronically signed document, wherein the other participants include a second participant that is a contractual parent of the first participant and a third participant that is a payor associated with the construction project, wherein the second participant and the third participant include different organizations participating in the construction project;

electronically transmitting a notification of the request for payment to the second participant;

receiving approval of the request for payment from the second participant; and

initiating a payment to the first participant after receiving approval from the second participant.

2. The method of claim 1, wherein the payment is initiated from the third participant to the first participant.

3. The method of claim 2, further comprising releasing the electronically signed document to the third participant after initiating the payment to the first participant.

4. The method of claim 1, wherein the payment is initiated from the second participant to the first participant, and further comprising

initiating a second payment from the third participant to the second participant;

and

releasing the electronically signed document to the third participant after initiating the payment from the third participant to the second participant.

5. The method of claim 1, wherein the second participant is a contractual child of the third participant and the first participant is a subcontractor of the second participant.

6. The method of claim 1, further comprising releasing the electronically signed document to the third participant after initiating the payment.

7. The method of claim 1, further comprising

accessing a project budget and a project schedule from the computer-readable memory;

identifying a line-item in the budget corresponding to the received request for payment;

updating the project budget to indicate that the payment has been made;

updating the project schedule to indicate that work associated with the request for payment has been completed; and

storing the updated project budget and the updated project schedule to the computer-readable memory.

8. The method of claim 1, further comprising:

updating a project budget based on the requested payment; and

notifying at least one participant associated with the construction project of any discrepancies between the project budget and the requested payment.

9. The method of claim 1, wherein the act of initiating payment is executed by a computer processor upon receiving approval of the requested payment from the second participant without intervention from the third participant.

10. The method of claim 1, wherein the act of receiving a request for payment includes receiving payment information from the first participant and electronically generating an invoice.

11. The method of claim 1, wherein the act of initiating payment includes electronically communicating with an automated clearing house.

12. The method of claim 1, wherein the act of initiating payment includes automatically effectuating an electronic funds transfer.

13. The method of claim 1, wherein the third participant is a general contractor, the second participant is a subcontractor, and the first participant is a sub-tier contractor.

14. The method of claim 1, wherein the third participant is a property owner, the second participant is a general contractor, and the first participant is a subcontractor.

15. The method of claim 1, wherein the electronically signed document is a lien waiver.