Method and apparatus for negotiating a contract over a computer network

Abstract

The invention provides a system and method that facilitates a structured contract negotiation between two parties, such as parties to a real estate transaction. A series of predefined milestone negotiation steps are executed on a computer that couples two parties through a network, such as the Internet. The negotiators answer predefined questions regarding a proposed transaction in such a manner that certain aspects of the transaction can be agreed upon early during the negotiation process while others are deferred to later phases. In each phase, each party selects from a predefined list of actions associated with a particular aspect of the negotiation (e.g., sale price). Third-party service providers such as brokers and architects can be automatically pulled into the negotiations using computer-issued requests for services.

1 . A computer-assisted method of negotiating a contract over a computer network, comprising the steps of: 
 (1) in a computer, receiving from a first contract negotiator information designating, for each of a plurality of contract phases, information identifying a person or entity having authority to negotiate a corresponding contract phase, and a role played by that person or entity;    (2) permitting each person or entity having authority for negotiating each respective contract phase to log into the computer and to negotiate with a second negotiator using the computer, wherein the computer displays on a first computer screen a plurality of predefined contract provisions, each relating to a contract provision contained within one of the corresponding contract phases and including an agree/defer selector for a first negotiator and an agree/defer selector for a second negotiator; and    (3) denying persons or entities not authorized in step (1) from negotiating with the second negotiator.