Construction payment management system and method with real-time draw notification features

Abstract

A system and method for managing a construction payment process. One method embodying the invention can include establishing communication with a plurality of participants in a construction project, automatically generating a notification of a draw in real-time in response to a participant associated with the construction project electronically initiating the draw, selecting a set of the plurality of participants, and making the notification available to the set of the plurality of participants.

1 . A method of managing a construction payment process, the method comprising the acts of: 
 establishing communication with a plurality of participants in a construction project;    automatically generating a notification of a draw in real-time in response to a participant associated with the construction project electronically initiating the draw;    selecting a set of the plurality of participants; and    making the notification available to the set of the plurality of participants.    
   
   
       2 . The method of  claim 1  wherein the act of selecting a set of the plurality of participants includes selecting all of the plurality of participants based on a selection received from the participant initiating the draw.  
   
   
       3 . The method of  claim 1  wherein the act of selecting a set of the plurality of participants includes selecting a subset of the plurality of participants based on a selection received from the participant initiating the draw.  
   
   
       4 . The method of  claim 1  wherein the act of selecting a set of the plurality of participants includes automatically selecting all of the plurality of participants, and wherein the set of the plurality of participants includes at least one participant contracted by a general contractor.  
   
   
       5 . The method of  claim 1  wherein the set of the plurality of participants includes at least one of a general contractor, a subcontractor, a lender, a title company, a property owner, a property owner's representative, an inspector, an architect, an interior designer, a material supplier, a construction manager, an engineer, and a bonding company.  
   
   
       6 . The method of  claim 1  wherein the notification is made available in real-time.  
   
   
       7 . The method of  claim 1  wherein the act of making the notification available to the set of plurality of participants includes displaying a screen notice that is viewable by each participant of the set of the plurality of participants.  
   
   
       8 . The method of  claim 1  wherein the act of making the notification available to the set of the plurality of participants includes electronically transmitting the notification to the set of the plurality of participants by sending at least one of an email message, a text message, a voice message, and a facsimile message.  
   
   
       9 . The method of  claim 8  wherein the notification is electronically transmitted in real-time.  
   
   
       10 . The method of  claim 8  wherein the notification is electronically transmitted at a predetermined time.  
   
   
       11 . The method of  claim 8  wherein the notification is electronically transmitted based on notification preferences of the set of the plurality of participants.  
   
   
       12 . The method of  claim 1  and further comprising the act of creating and maintaining a schedule of draws for the construction project.  
   
   
       13 . The method of  claim 12  wherein the act of creating and maintaining a schedule of draws for the construction project includes building a list of a plurality of participants to be notified of the draw.  
   
   
       14 . The method of  claim 1  and further comprising the act of providing a template to at least one participant of the set of the plurality of participants, the template specifying billing information to be provided by the at least participant in order for the at least one participant to be included in the draw.  
   
   
       15 . The method of  claim 1  and further comprising the acts of generating automated invoices for each participant of the set of the plurality of participants receiving a payment in the draw and transmitting notifications regarding approval of the automated invoices.  
   
   
       16 . The method of  claim 1  and further comprising the acts of generating automated lien waivers for each participant of the set of the plurality of participants receiving a payment in the draw and transmitting notifications regarding execution of the automated lien waivers.  
   
   
       17 . The method of  claim 1  and further comprising the acts of generating an automated sworn statement; transmitting a notification regarding execution of the sworn statement, approval of the draw, and disbursement of funds; and generating an automated payment instruction.  
   
   
       18 . The method of  claim 1  and further comprising the act of accessing organization registration information in order to transfer notifications to the set of the plurality of participants.  
   
   
       19 . The method of  claim 1  and further comprising the acts of generating a budget for a construction project, generating a project responsibilities notification based on the budget, and electronically transmitting the project responsibilities notification to at least one of the plurality of participants.  
   
   
       20 . The method of  claim 1  and further comprising the acts of generating an enter invoice notification and electronically transmitting the enter invoice notification to the set of the plurality of participants.  
   
   
       21 . The method of  claim 1  and further comprising the acts of generating a sign invoice notification and electronically transmitting the sign invoice notification to a participant of the construction project.  
   
   
       22 . The method of  claim 1  and further comprising the acts of generating a sign lien waiver notification and electronically transmitting the sign lien waiver notification to the set of the plurality of participants.  
   
   
       23 . The method of  claim 1  and further comprising the acts of receiving lien waivers from the set of the plurality of participants, generating an all lien waivers signed notification, and electronically transmitting the all lien waivers signed notification to a participant of the construction project.  
   
   
       24 . The method of  claim 1  and further comprising the acts of generating a payment disbursed notification and electronically transmitting the payment disbursed notification to the set of the plurality of participants.  
   
   
       25 . A construction payment management system comprising: 
 an application server that stores a notifications manager and a draw module, the draw module automatically generating a notification of a draw in real-time in response to a participant associated with a construction project initiating the draw with the draw module and selecting a set of a plurality of participants associated with the construction project, the notifications manager making the notification available to the set of the plurality of participants.    
   
   
       26 . The construction payment management system of  claim 25  wherein the draw module selects the set of the plurality of participants to include all of the plurality of participants associated with the construction project based on a selection received from the participant initiating the draw.  
   
   
       27 . The construction payment management system of  claim 25  wherein the draw module selects the set of the plurality of the participants to include a subset of the plurality of participants associated with the construction project based on a selection received from the participant initiating the draw.  
   
   
       28 . The construction payment management system of  claim 25  wherein the draw module automatically selects the set of the plurality of the participants to include all of the plurality of participants associated with the construction project, and wherein the set of the plurality of participants includes at least one participant contracted by a general contractor.  
   
   
       29 . The construction payment management system of  claim 25  wherein the set of the plurality of participants includes at least one of a general contractor, a subcontractor, a lender, a title company, a property owner, a property owner's representative, an inspector, an architect, an interior decorator, a material supplier, a construction manager, an engineer, and a bonding company.  
   
   
       30 . The construction payment management system of  claim 25  wherein the notifications manager makes the notification available to the set of the plurality of participants in real-time.  
   
   
       31 . The construction payment management system of  claim 25  wherein the notifications manager makes the notification available to the set of the plurality of participants by displaying a screen notice that is viewable by each participant of the set of the plurality of participants.  
   
   
       32 . The construction payment management system of  claim 25  wherein the notifications manager makes the notification available to the set of the plurality of participants by electronically transmitting the notification to each participant of the set of the plurality of participants by sending at least one of an email message, a text message, a voice message, and a facsimile message.  
   
   
       33 . The construction payment management system of  claim 32  wherein the notifications manager electronically transmits the notification to the set of the plurality of participants in real-time.  
   
   
       34 . The construction payment management system of  claim 32  wherein the notifications manager electronically transmits the notification to the set of the plurality of participants at a predetermined time.  
   
   
       35 . The construction payment management system of  claim 32  wherein the notifications manager electronically transmits the notification to the set of the plurality of participants based on notification preferences of the set of the plurality of participants.  
   
   
       36 . The construction payment management system of  claim 25  wherein the draw module maintains a schedule of draws for the construction project.  
   
   
       37 . The construction payment management system of  claim 25  wherein the draw module builds a list of a plurality of participants to be notified of the draw.  
   
   
       38 . The construction payment management system of  claim 25  wherein the draw module provides a template to at least one participant of the set of the plurality of participants, the template specifying billing information to be provided by the at least one participant in order for the at least one participant to be included in the draw.  
   
   
       39 . The construction payment management system of  claim 25  wherein the draw module generates automated invoices for each participant of the set of the plurality of participants receiving a payment in the draw and the notifications manager transmits notifications regarding approval of the automated invoices.  
   
   
       40 . The construction payment management system of  claim 25  wherein the draw module generates automated lien waivers for each participant of the set of the plurality of participants receiving a payment in the draw and the notifications manager transmits notifications regarding execution of the automated lien waivers.  
   
   
       41 . The construction payment management system of  claim 25  wherein the draw module generates an automated sworn statement and an automated payment instruction and the notifications manager transmits a notification regarding execution of the sworn statement, approval of the draw, and disbursement of funds.  
   
   
       42 . The construction payment management system of  claim 25  and further comprising a database server connected to the application server, the database server storing organization registration information, the notifications manager accessing the organization registration information in order to transfer notifications to the set of the plurality of participants.  
   
   
       43 . The construction payment management system of  claim 25  and further comprising a budget module for creating a budget for a construction project, the notifications manager transmitting a project responsibilities notification to at least one of the plurality of participants based on the budget.  
   
   
       44 . The construction payment management system of  claim 25  wherein the notifications manager transmits an enter invoice notification to the set of the plurality of participants.  
   
   
       45 . The construction payment management system of  claim 25  wherein the notifications manager transmits a sign invoice notification to a participant of the construction project.  
   
   
       46 . The construction payment management system of  claim 25  wherein the notifications manager transmits a sign lien waiver notification to the set of the plurality of participants.  
   
   
       47 . The construction payment management system of  claim 25  and further comprising an electronic bin, the electronic bin receiving lien waivers from the set of the plurality of participants, the notifications manager transmitting an all lien waivers signed notification to a participant of the construction project after the electronic bin receives a lien waiver from each participant of the set of the plurality of participants.  
   
   
       48 . The construction payment management system of  claim 25  wherein the notifications manager transmits a payment disbursed notification to the set of the plurality of participants.