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Construction payment management system and method with budget reconciliation features

  • US 7,490,064 B2
  • Filed: 09/17/2007
  • Issued: 02/10/2009
  • Est. Priority Date: 06/29/2004
  • Status: Active Grant
First Claim
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1. A method of managing a construction payment process, the method comprising the acts of:

  • electronically generating a primary budget for a construction project including at least one primary line item;

    electronically assigning the at least one primary line item to a participant of the construction project;

    electronically generating a secondary budget for the at least one primary line item, the secondary budget generated for at least one of a general contractor, a subcontractor, and a material supplier and including at least one secondary line item; and

    electronically reconciling the primary budget and the secondary budget to generate a reconciled primary budget and a reconciled secondary budget, respectively, before administering a draw.

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