Patent ID: 8548868
Filing Date: 2013-10-01
Classification: G06Q

Abstract:
1. A method for aggregating demand for a request for quotation that includes a plurality of terms and conditions for at least one of: a. a buyer specified good; and b. a buyer specified service; comprising: a. inputting said request for quotation into a communication machine, the input of said request for quotation being comprised of; b. inputting at least one binding commitment to said request for quotation into said communication machine, the binding commitment being responsive to said fourth version of said request for quotation and includes the conditions under which the commitment will become binding, furthermore the aggregation of said binding commitments is provided by said central control system module of said communication machine which creates a fifth version of said request for quotation; c. inputting at least one binding bid to supply the buyer specified goods and services specified in said request for quotation, said central control system module checks whether the pre-determined bidding period has expired before receiving the binding bid, whereby said communication machine solicits competing bids to reduce price; d. accepting said binding bid to supply said buyer specified goods and services specified in said request for quotation, the acceptance of said binding bid initiates the procedure to exchange payment for the goods and services by said central control system module of said communication machine; e. exchanging payment details for said binding bid to supply said buyer specified goods and services specified in said request for quotation, the exchange of payment details for said binding bid comprising the sending of the buyer's information to the Payment Processor by said central control system module of said communication machine; f. resolving disputes about said request for quotation, the resolution of disputes being invoked by said central control system module of said communication machine; and g. closing said request for quotation, the closure of said request for quotation comprising the determination by said central control system module of said communication machine of whether each buyer and each seller that is bound by a transaction accepts said transaction, h. whereby an author specifies an order for said buyer specified goods and services in said request for quotation then aggregates demand from at least one prospective buyer then seeks a plurality of competing bids from at least one prospective supplier to drive down a purchase price for said order which further increases a number of bound buyers and in turn further reduces said purchase price until said purchase price and consumer surplus are minimized for said number of bound buyers.