Construction payment management system and method with budget reconciliation features
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United States of America Patent
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Feb 10, 2009
Grant Date -
Jan 10, 2008
app pub date -
Sep 17, 2007
filing date -
Jun 29, 2004
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A system and method for managing a construction payment process. One method embodying the invention can include electronically creating a primary budget for a construction project including at least one first line item, electronically assigning the at least one first line item to a participant of the construction project, electronically creating a secondary budget for the at least one first line item, the secondary budget created for at least one of a general contractor, a subcontractor, and a material supplier and including at least one second line item, and automatically reconciling the primary budget and the secondary budget before administering a draw.
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