Automated transaction processing system and approach

Details Automated transaction processing system and approach Automated transaction processing system and approach

2003-05-12

2009-02-24

Hayes, John W (Department: 3628)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

C705S400000

Reexamination Certificate

active

07496519

ABSTRACT:
Transaction management for contract and contract-related approaches is facilitated. According to an example embodiment of the present invention, a transaction management computer is programmed to automatically set contract terms for a transaction based on business rules previously established between parties to a transaction. In one implementation, the transaction management node automatically derives a contract term including a pricing-related term for a transaction between a buyer and seller using contract information therefor. In one instance, previously-agreed-upon price approaches, such as fixed pricing, seller-controlled pricing, quantity-related tiered pricing and pricing management schemes are stored and used by the transaction management node to automatically derive the prices. With these approaches, pricing disputes that can occur after a transaction has been processed are reduced and/or eliminated.

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