CONSTRUCTION PAYMENT MANAGEMENT SYSTEM AND METHOD WITH HIERARCHICAL INVOICING AND DIRECT PAYMENT FEATURES
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Abstract
A system and method for managing a construction payment process. One method embodying the invention can include creating an electronically-executed first request for payment on behalf of a first participant in a construction project, transmitting the first request for payment to a second participant in the construction project, creating an electronically-executed second request for payment based on the first request for payment, transmitting the second request for payment to a payment source in the construction project, directing transmitting a payment to the second participant from the payment source, and directly transmitting a payment to the first participant from the payment source.
2 Citations
62 Claims
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1-41. -41. (canceled)
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42. A computer implemented method of managing a construction payment process, the method comprising the acts of:
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accessing a construction project profile stored on a computer readable memory, the construction project profile identifying a plurality of participants associated with a construction project and a role for each of the plurality of participants in the construction project, wherein, according to the construction project profile, the plurality of participants includes a first participant, a second participant, and a third participant, and wherein, according to the construction project profile, the third participant is a payor for the construction project, the second participant is a contractor that is contractually subordinate to the third participant for the construction project, the first participant is a contractor that is contractually subordinate to the second participant for the construction project, and the first participant is not directly in contract with the third participant for the construction project; accessing an identifier of a first participant device, a second participant device, and a third participant device corresponding to the first participant, the second participant, and the third participant, respectively, stored on the computer readable memory; establishing electronic communication between an application server and each of the first participant device, the second participant device, and the third participant device; generating an electronically-executed first request for payment on behalf of the first participant in the construction project in response to information received from the first participant device; transmitting the first request for payment to the second participant device from the application server; generating an electronically-executed second request for payment on behalf of the second participant based on the first request for payment; transmitting the second request for payment to the third participant device from the application server; transmitting a first payment directly from the third participant to the first participant; and transmitting a second payment directly from the third participant to the second participant. - View Dependent Claims (43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62)
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Specification