Patent ID: 7587353
Filing Date: 2009-09-08
Classification: G06Q

Abstract:
1. A computerized system for facilitating transactions in goods over an electronic communication network, the system comprising: a processor; an electronic storage device; wherein the processor is configured to: allow electronic procurement of a purchase order agreement between a seller and a buyer and relating to a transaction in one or more goods, and electronically store the purchase order agreement; receive electronic evidence that the seller has performed in connection with fulfilling the seller's obligations as defined by the purchase order agreement; store the electronic evidence to the electronic storage device that the seller has performed in connection with fulfilling the seller's obligations as defined by the purchase order agreement; electronically provide an opportunity for at least one of the seller and the buyer to obtain, through the system, cargo insurance relating to the one or more goods to insure against risk of loss in connection with shipment of the one or more goods in accordance with the transaction, wherein the cargo insurance provides coverage over a specified period of time and insures against a risk of loss in relation to the one or more goods occurring at any time during shipment of the one or more goods from the seller to the buyer; electronically evaluate whether the seller has complied with the seller's obligations as defined by the purchase order agreement; electronically provide a payment instruction if the seller has been evaluated to have complied with the seller's obligations as defined by the purchase order agreement; receive electronic evidence that the buyer has made one or more payments in connection with fulfilling buyer's obligations as defined by the purchase order agreement; store the electronic evidence to the electronic storage device that the buyer has made one or more payments in connection with fulfilling buyer's obligations as defined by the purchase order agreement; determine, based upon one or more shipping terms comprising one or more International Commercial (Inco) shipping terms agreed to by the seller and the buyer and electronically stored by the system, which one of the seller and the buyer bears a majority of the risk of loss for at least one of a greater amount of shipping distance and a greater amount of shipping time; automatically calculate a cargo insurance premium required to purchase the cargo insurance based upon information electronically stored in the system and comprising at least one of a location to be shipped from, a location to be shipped to, a means of shipment, and a party responsible for purchasing of the one or more goods; and determine that the cargo insurance, if purchased, must be purchased together by the seller and the buyer through the system such that the seller agrees to pay a first percentage of the premium required to obtain the cargo insurance and the buyer agrees to pay a second percentage of the premium.