Construction payment management system and method with automated electronic document generation features
First Claim
1. A computer implemented method of managing a construction payment process, the method comprising the acts of:
- establishing electronic communication between a first participant device and a construction project management server, wherein the first participant device is associated with a first participant associated with a construction project;
generating a budget for a construction project and storing the generated budget on a computer-readable memory;
receiving, by the construction project management server, an invoice amount from the first participant device;
in response to receiving the invoice amount, automatically generating, by the construction project management server, an automated invoice document and an automated sworn statement document based on the invoice amount and the budget, wherein the automated sworn statement document confirms that the first participant has performed work associated with the construction project and is entitled to receive a payment equivalent to the invoice amount;
automatically electronically generating at least one automated lien waiver document based on at least one of the automated invoice document and the automated sworn statement document;
transmitting the at least one automated lien waiver document to the first participant through the first participant device;
transmitting the automated sworn statement document to a second participant through a second participant device;
electronically executing the automated sworn statement document in response to receiving an authorization from the second participant legally-binding sworn statement; and
electronically executing the at least one automated lien waiver document in response to receiving an authorization from the first participant to create a legally-binding lien waiver.
1 Assignment
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.
223 Citations
28 Claims
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1. A computer implemented method of managing a construction payment process, the method comprising the acts of:
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establishing electronic communication between a first participant device and a construction project management server, wherein the first participant device is associated with a first participant associated with a construction project; generating a budget for a construction project and storing the generated budget on a computer-readable memory; receiving, by the construction project management server, an invoice amount from the first participant device; in response to receiving the invoice amount, automatically generating, by the construction project management server, an automated invoice document and an automated sworn statement document based on the invoice amount and the budget, wherein the automated sworn statement document confirms that the first participant has performed work associated with the construction project and is entitled to receive a payment equivalent to the invoice amount; automatically electronically generating at least one automated lien waiver document based on at least one of the automated invoice document and the automated sworn statement document; transmitting the at least one automated lien waiver document to the first participant through the first participant device; transmitting the automated sworn statement document to a second participant through a second participant device; electronically executing the automated sworn statement document in response to receiving an authorization from the second participant legally-binding sworn statement; and electronically executing the at least one automated lien waiver document in response to receiving an authorization from the first participant to create a legally-binding lien waiver. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A construction payment management system comprising:
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an electronic signature service; and an application server that includes a processor and a computer-readable memory, wherein the computer-readable memory stores computer instructions that are executed by the processor for a budget module and a draw module, the budget module generating a budget for a construction project, the draw module receiving an invoice amount from a first participant device in electronic communication with the application server, in response to receiving the invoice amount, generating an automated invoice document and an automated sworn statement document based on the invoice amount and the budget, automatically generating at least one automated lien waiver document based on at least one of the automated invoice document and the automated sworn statement document, transmitting the at least one automated lien waiver document to the first participant device, and transmitting the automated sworn statement document to a second participant device associated with a second participant, the electronic signature service electronically executing the automated sworn statement document in response to receiving an authorization from the second participant to create a legally-binding sworn statement, and electronically executing the at least one automated lien waiver document in response to receiving an authorization from the first participant device to create a legally-binding lien waiver. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28)
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Specification