Inventors:
Patrick J. Allin - Lake Bluff IL, US
Charles C. Cherry - Glenview IL, US
William H. Eichhorn - Hinsdale IL, US
Howard L. Niden - Chicago IL, US
Matthew R. Bagley - Green Bay WI, US
Assignee:
Textura Corporation - Lake Bluff IL
International Classification:
G06Q 40/00
US Classification:
705 35, 705 38, 705 37, 705 36
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.
