Construction payment management system and method with sub-tier document exchange and approval features
Systems and methods for managing a construction payment process wherein a higher degree of functionality is provided to primary users and only a limited subset of functionality is provided to sub-tier contractors. One construction of the system is configured to receive an electronically signed document and a request for payment from the sub-tier contractor. The request for payment is presented to a first primary user who is a contractual parent of the sub-tier contractor. When approval of the request for payment is received, a payment is initiated from a project payor to the sub-tier contractor. In some embodiments, the project payor is a contractual grandparent of the sub-tier contractor and a contractual parent of the first primary user.
1. A computer implemented method of managing a construction project payment process comprising:
receiving an electronically signed document and a request for payment from a first participant associated with a construction project;
storing the electronically signed document to a computer-readable memory and preventing other participants from accessing the signature of the electronically signed document, wherein the other participants include a second participant that is a contractual parent of the first participant and a third participant that is a payor associated with the construction project, wherein the second participant and the third participant include different organizations participating in the construction project;
electronically transmitting a notification of the request for payment to the second participant;
receiving approval of the request for payment from the second participant; and
initiating a payment to the first participant after receiving approval from the second participant.
2. The method of claim 1 , wherein the payment is initiated from the third participant to the first participant.
3. The method of claim 2 , further comprising releasing the electronically signed document to the third participant after initiating the payment to the first participant.
4. The method of claim 1 , wherein the payment is initiated from the second participant to the first participant, and further comprising
initiating a second payment from the third participant to the second participant; and
releasing the electronically signed document to the third participant after initiating the payment from the third participant to the second participant.
5. The method of claim 1 , wherein the second participant is a contractual child of the third participant and the first participant is a subcontractor of the second participant.
6. The method of claim 1 , further comprising releasing the electronically signed document to the third participant after initiating the payment.
7. The method of claim 1 , further comprising
accessing a project budget and a project schedule from the computer-readable memory;
identifying a line-item in the budget corresponding to the received request for payment;
updating the project budget to indicate that the payment has been made;
updating the project schedule to indicate that work associated with the request for payment has been completed; and
storing the updated project budget and the updated project schedule to the computer-readable memory.
8. The method of claim 1 , further comprising:
updating a project budget based on the requested payment; and
notifying at least one participant associated with the construction project of any discrepancies between the project budget and the requested payment.
9. The method of claim 1 , wherein the act of initiating payment is executed by a computer processor upon receiving approval of the requested payment from the second participant without intervention from the third participant.
10. The method of claim 1 , wherein the act of receiving a request for payment includes receiving payment information from the first participant and electronically generating an invoice.
11. The method of claim 1 , wherein the act of initiating payment includes electronically communicating with an automated clearing house.
12. The method of claim 1 , wherein the act of initiating payment includes automatically effectuating an electronic funds transfer.
13. The method of claim 1 , wherein the third participant is a general contractor, the second participant is a subcontractor, and the first participant is a sub-tier contractor.
14. The method of claim 1 , wherein the third participant is a property owner, the second participant is a general contractor, and the first participant is a subcontractor.
15. The method of claim 1 , wherein the electronically signed document is a lien waiver.