Construction payment management system and method
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United States of America Patent
Stats
-
N/A
Issued Date -
Dec 29, 2005
app pub date -
Jan 10, 2005
filing date -
Jun 29, 2004
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
System and method for managing a construction payment process. One method embodying the invention can include allowing a participant to receive a payment associated with a project by accessing registration information. A method can include generating a real-time notification of a draw. Another method can include generating an automated invoice including one or more line items. Still another method can include automatically generating a sworn statement including dollar amounts from automated invoices. Yet another method can include receiving an acknowledgement that a participant has received funds and substantially simultaneously releasing a lien waiver. Another method embodying the invention can include reconciling a primary budget and secondary budgets including line items before administering a draw.
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Family
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Cited Art Landscape
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