US 2010/0305985 A1Published application

Contract management system

OwnerJames P. Wartho, David Steinberg +1inventors

InventorsJames P. Wartho, David Steinberg, Noel R. Goddard

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Abstract

A contract management system is disclosed for managing a contract between a supplier and a purchaser, the system comprising a stage payment management unit for receiving contract information from a supplier terminal and creating a payment schedule and an interface unit for providing a communication interface between the contract management system, the supplier terminal and a purchaser terminal. The system also includes a foreign exchange pricing engine for receiving a request from the purchaser via the communication interface for an exchange rate for making one of the payments in a second currency, retrieving a current exchange rate between the second and first currencies from a exchange rate database and notifying the purchaser of the exchange rate via the communication interface. A foreign exchange hedging engine is also provided, for purchasing an amount of the first currency corresponding to the payment based on the exchange rate.

Claims24

Dependent claims

A contract management system for managing a contract between a supplier and a purchaser, comprising:

a stage payment management unit for receiving contract information from a supplier terminal and creating a payment schedule corresponding to the contract information, the payment schedule including one or more payments in a first currency, times at which the payments must be made under the contract and current statuses of the payments;
a storage unit for storing the payment schedule;
an interface unit for providing a communication interface between the contract management system, the supplier terminal and a purchaser terminal, so as to allow the payment schedule to be accessed from the supplier terminal and the purchaser terminal;
a foreign exchange pricing engine for receiving a request from the purchaser via the communication interface for a exchange rate for making one of the payments in a second currency, retrieving a current exchange rate between the second and first currencies from a exchange rate database and notifying the purchaser of the exchange rate via the communication interface;
and
a foreign exchange hedging engine for receiving a request from the purchaser via the communication interface to fix the exchange rate for the payment and purchasing an amount of the first currency corresponding to the payment based on the exchange rate.

3 more elements

A contract management method for managing a contract between a supplier and a purchaser, comprising performing the following steps in a contract management system:

receiving contract information from a supplier terminal and creating a payment schedule corresponding to the contract information, the payment schedule including one or more payments in a first currency, times at which the payments must be made under the contract and current statuses of the payments;
storing the payment schedule;
providing a communication interface between the contract management system, the supplier terminal and a purchaser terminal, so as to allow the payment schedule to be accessed from the supplier terminal and the purchaser terminal;
receiving a request from the purchaser via the communication interface for a exchange rate for making one of the payments in a second currency;
retrieving a current exchange rate between the second and first currencies from a exchange rate database;
notifying the purchaser of the exchange rate via the communication interface;
receiving a request from the purchaser via the communication interface to fix the exchange rate for the payment;
and
purchasing an amount of the first currency corresponding to the payment based on the exchange rate.

6 more elements

Dependencies are inferred from the claim text.