Construction payment management system and method with budget reconciliation features

1. A computer-implemented method of managing a construction project payment process, the method comprising the acts of:

electronically generating a primary budget for a construction project including a plurality of primary budget line items, wherein a first participant is able to make changes to the primary budget;

electronically assigning a first primary budget line item of the plurality of primary budget line items to a second participant of the construction project, the first primary budget line item including a budget amount;

electronically generating a secondary budget for the first primary budget line item, the secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the second participant is able to make changes to the secondary budget; and

electronically administering a draw that includes a payment to the second participant for an invoiced amount corresponding to one or more secondary budget line items of the secondary budget only when the total sum of the budget amounts for the secondary budget line items of the secondary budget is consistent with the budget amount of the first primary budget line item.

2. The method of claim 1 , wherein the act of electronically administering a draw further includes electronically administering the draw only when the total sum of the budget amounts for the secondary budget line items of the secondary budget is less than the budget amount of the first primary budget line item.

3. The method of claim 1 , wherein the act of electronically administering a draw further includes electronically administering the draw only when the total sum of the budget amounts for the secondary budget line items of the secondary budget equals the budget amount of the first primary budget line item.

4. The method of claim 1 , further comprising electronically generating an invoice requesting a payment to the second participant only when the total sum of the budget amounts for the secondary budget line items is consistent with the budget amount of the first primary budget line item, wherein the invoice includes the invoice amount corresponding to one or more of the secondary budget line items.

5. The method of claim 1 , further comprising electronically generating an invoice requesting a payment to the second participant only when the total sum of the budget amounts for the secondary budget line items is less than or equal to the budget amount of the first primary budget line item, wherein the invoice includes the invoice amount corresponding to one or more of the secondary budget line items.

6. The method of claim 1 , further comprising:

electronically receiving a change order request from the second participant requesting a change to the budget amount for the first primary budget line item;

electronically sending a change order request notification to the first participant;

electronically receiving an approval of the change order request from the first participant; and

changing the budget amount of the first primary budget line item after receiving the approval from the first participant.

7. The method of claim 1 , further comprising:

electronically assigning a second primary budget line item of the plurality of primary budget line items to a third participant of the construction project, the second primary budget line item including a budget amount;

electronically generating a second secondary budget for the second primary budget line item, the second secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the third participant is able to make changes to the second secondary budget; and

electronically administering a draw that includes a payment to the third participant for an invoiced amount corresponding to one or more secondary budget line items from the second secondary budget only when the total sum of the budget amounts for the second secondary budget is consistent with the budget amount of the second primary budget line item.

8. The method of claim 1 , further comprising:

electronically assigning a second primary budget line item of the plurality of primary budget line items to the second participant of the construction project, the second primary budget line item including a budget amount;

electronically generating a second secondary budget for the second primary budget line item, the second secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the second participant is able to make changes to the second secondary budget; and

electronically administering a draw that includes a payment to the second participant for an invoiced amount corresponding to one or more secondary budget line items from the second secondary budget only when the total sum of the budget amounts for the second secondary budget is consistent with the budget amount of the second primary budget line item.

9. The method of claim 8 , wherein the act of electronically administering a draw that includes a payment to the second participant for an invoiced amount corresponding to one or more secondary budget line items from the second secondary budget further includes electronically administering a draw that includes a payment to the second participant for an invoiced amount corresponding to one or more secondary budget line items from the second secondary budget only when

the total sum of the budget amounts for the second secondary budget is consistent with the budget amount of the second primary budget line item and

the total sum of the budget amounts for the secondary budget is consistent with the budget amount of the first primary budget line item.

10. The method of claim 1 , further comprising automatically electronically generating an invoice for a payment to the second participant, the invoice including an invoice amount that is automatically equal to the budget amount of the first primary budget line item.

11. The method of claim 1 , further comprising automatically electronically generating an invoice for a payment to the second participant, the invoice including an invoice amount that is automatically less than or equal to the budget amount of one or more of the plurality of secondary budget line items of the secondary budget, and wherein the invoice is automatically electronically generated only when the total sum of the budget amounts for the secondary budget line items of the secondary budget is equal to or less than the budget amount of the first primary budget line item.

12. The method of claim 1 , wherein the primary budget includes at least one of hard costs and soft costs and wherein the secondary budget includes only hard costs.

13. The method of claim 1 , wherein the act of electronically generating a primary budget includes importing the primary budget created using an external software program.

14. The method of claim 1 , further comprising

storing invoice amounts for one or more previous payments made to the second participant that correspond to the first primary budget line item; and

electronically administering a draw that includes a payment to the second participant for an invoiced amount corresponding to the first primary budget line item only when a total sum of the invoice amount for the payment and the invoice amounts for the one or more previous payments is less than or equal to the budget amount of the first primary budget line item.

15. A construction payment management system comprising:

a processor; and

a computer readable memory storing instructions that, when executed by the processor, cause the construction payment management system to

generate a primary budget for a construction project based on inputs received from a first participant, the primary budget including a plurality of primary budget line items, wherein the first participant is able to make changes to primary budget,

assign a first primary budget line item of the plurality of primary budget line items to a second participant of the construction project, the first primary budget line item including a budget amount,

generate a secondary budget for the first primary budget line item based on inputs received from the second participant, the secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the second participant is able to make changes to the secondary budget, and

administer a draw that includes a payment to the second participant for an invoiced amount corresponding to one or more secondary budget line items of the secondary budget only when the total sum of the budget amounts for the secondary budget line items of the secondary budget is consistent with the budget amount of the first primary budget line item.

16. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, cause the construction payment management system to administer the draw only when the total sum of the budget amounts for the secondary budget line items of the secondary budget is less than the budget amount of the first primary budget line item.

17. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, cause the construction payment management system to administer the draw only when the total sum of the budget amounts for the secondary budget line items of the secondary budget equals the budget amount of the first primary budget line item.

18. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, further cause the construction payment management system to generate an invoice requesting a payment to the second participant only when the total sum of the budget amounts for the secondary budget line items is consistent with the budget amount of the first primary budget line item, wherein the invoice includes the invoice amount corresponding to one or more of the secondary budget line items.

19. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, further cause the construction payment management system to generate an invoice requesting payment to the second participant only when the total sum of the budget amounts for the secondary budget line items is less than or equal to the budget amount of the first primary budget line item, wherein the invoice includes the invoice amount corresponding to one or more of the secondary budget line items.

20. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, further cause the construction payment management system to

receive a change order request from the second participant requesting a change to the budget amount for the first primary budget line item,

send a change order request notification to the first participant,

receive an approval of the change order request from the first participant, and

change the budget amount of the first primary budget line item after receiving the approval from the first participant.

21. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, further cause the construction payment management system to

assign a second primary budget line item of the plurality of primary budget line items to a third participant of the construction project, the second primary budget line item including a budget amount,

generate a second secondary budget for the second primary budget line item based on inputs received from the third participant, the second secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the third participant is able to make changes to the second secondary budget, and

administer a draw that includes a payment to the third participant for an invoiced amount corresponding to one or more secondary budget line items from the second secondary budget only when the total sum of the budget amounts for the second secondary budget is consistent with the budget amount of the second primary budget line item.

22. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, further cause the construction payment management system to

assign a second primary budget line item of the plurality of primary budget line items to the second participant of the construction project, the second primary budget line item including a budget amount,

generate a second secondary budget for the second primary budget line item based on inputs received from the second participant, the second secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the second participant is able to make changes to the second secondary budget, and

administer a draw that includes a payment to the second participant for an invoiced amount corresponding to the one or more secondary budget line items from the second secondary budget only when the total sum of the budget amounts for the second secondary budget is consistent with the budget amount of the second primary budget line item.

23. The construction payment management system of claim 22 , wherein the instructions, when executed by the processor, cause the construction payment management system to administer a draw that includes a payment to the second participant for an invoiced amount corresponding to one or more secondary budget line items from the second secondary budget only when

the total sum of the budget amounts for the second secondary budget is consistent with the budget amount of the second primary budget line item and

the total sum of the budget amounts for the secondary budget is consistent with the budget amount of the first primary budget line item.

24. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, further cause the construction payment management system to automatically generate an invoice for a payment to the second participant, the invoice including an invoice amount that is automatically equal to the budget amount of the first primary budget line item.

25. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, further cause the construction payment management system to automatically generate an invoice for a payment to the second participant, the invoice including an invoice amount that is automatically less than or equal to the budget amount of one or more of the plurality of secondary budget line items of the secondary budget, and wherein the invoice is automatically electronically generated only when the total sum of the budget amounts for the secondary budget line items of the secondary budget is equal to or less than the budget amount of the first primary budget line item.

26. The construction payment management system of claim 15 , wherein the primary budget includes at least one of hard costs and soft costs and wherein the secondary budget includes only hard costs.

27. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, cause the construction payment management system to generate a primary budget by importing the primary budget created using an external software program.

28. The construction payment management system of claim 15 , wherein the instructions, when executed by the processor, further cause the construction payment management system to

store invoice amount for one or more previous payments made to the second participant that correspond to the first primary budget line item, and

administer a draw that includes a payment to the second participant for an invoice amount corresponding to the first primary budget line item only when a total sum of the invoice amount for the payment and the invoice amounts for the one or more previous payments is less than or equal to the budget amount of the first primary budget line item.

29. A computer-implemented method of managing a construction project payment process, the method comprising the acts of:

electronically generating a primary budget for a construction project based on inputs received from a first participant, the primary budget including a plurality of primary budget line items, wherein the first participant is able to make changes to the primary budget;

electronically assigning a first primary budget line item of the plurality of primary budget line items to a second participant of the construction project, the first primary budget line item including a budget amount;

electronically assigning a second primary budget line item of the plurality of primary budget line items to a third participant of the construction project, the second primary budget line item including a budget amount;

electronically assigning a third primary budget line item of the plurality of primary budget line items to the third participant, the third primary budget line item including a budget amount;

electronically generating a first secondary budget for the first primary budget line item based on inputs received from the second participant, the first secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the second participant is able to make changes to the first secondary budget;

electronically generating a second secondary budget for the second primary budget line item based on inputs received from the third participant, the second secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the third participant is able to make changes to the second secondary budget;

electronically generating a third secondary budget for the third primary budget line item based on inputs received from the third participant, the third secondary budget including a plurality of secondary budget line items each including a budget amount, and wherein the third participant is able to make changes to the third secondary budget;

generating a first invoice requesting a payment to the second participant for an invoice amount corresponding to one or more of the first secondary budget line items only when the total sum of the budget amounts for the first secondary budget line items is less than or equal to the budget amount of the first primary budget line item; and

generating a second invoice requesting a payment to the third participant for an invoice amount corresponding to one or more of the second secondary budget line items only when

the total sum of the budget amounts for the second secondary budget line items is less than or equal to the budget amount of the second primary budget line item and

the total sum of the budget amounts for the third secondary budget line items is less than or equal to the budget amount of the third primary budget line item.