Classifications

• • G—PHYSICS
  • G06—COMPUTING OR CALCULATING; COUNTING
  • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
  • G06Q50/00—Information and communication technology [ICT] specially adapted for implementation of business processes of specific business sectors, e.g. utilities or tourism
  • G06Q50/40—Business processes related to the transportation industry
• • G—PHYSICS
  • G06—COMPUTING OR CALCULATING; COUNTING
  • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
  • G06Q10/00—Administration; Management
  • G06Q10/02—Reservations, e.g. for tickets, services or events
  • G06Q10/028—Reservations, e.g. for tickets, services or events for seating or spaces in a venue
  • G06Q10/0283—Reservations, e.g. for tickets, services or events for seating or spaces in a venue for travel seating
• • G—PHYSICS
  • G06—COMPUTING OR CALCULATING; COUNTING
  • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
  • G06Q10/00—Administration; Management
  • G06Q10/04—Forecasting or optimisation specially adapted for administrative or management purposes, e.g. linear programming or "cutting stock problem"
• • G—PHYSICS
  • G06—COMPUTING OR CALCULATING; COUNTING
  • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
  • G06Q30/00—Commerce
  • G06Q30/06—Buying, selling or leasing transactions

Definitions

• This invention relates to a travel system and method and more particularly, but not exclusively to an air, sea or rail travel system and method.
• the word 'traveller' may include persons and entities who may be interested in buying or selling travel besides just using travel.
• the charter model could tolerate a secondary market because the airline has full knowledge of their sales i.e. the whole "plane" is sold. But there is less advantage especially as the airlines have lost the opportunity of revenue management. It is preferable that planeloads of seats are not sold wholesale when revenue management is important.
• the newer low-cost airline ticket provides the holder with fewer, if any, optional choices for change of reservation or route. These tickets are relatively cheaper but do not provide the traveller with many options if the traveller needs to change travel plans. But while the low-cost airline has prepaid reservations, travellers are not likely to reserve their seats far into the future if they are not sure of their travel plans. This, of course, also has an impact on longer term predictability.
• Contractual options can be rights to other actions besides buying or selling. Then we can say that generally, although not normally named as such, options on the use of an airline ticket have been used extensively by travellers and airlines. Examples are of airlines over-booking passengers, and then taking the option of bumping certain over-booked passengers off the flight, or in such a case offering over-booked travellers options of getting other rewards for taking another flight. Travellers may take options of not showing up at book in, or of cancelling, or of changing the reservation to another flight. Travellers use their options when they make a reservation and then board an aircraft.
• US patent 5897620 entitled “Method and apparatus for the sale of airline-specified flight tickets” in the name of Priceline.com lnc teaches an airline option to place traveller on a flight chosen from within a range of flights.
• US patent 6085169 entitled “Conditional purchase offer management system” in the name of Priceline.com Incorporated teaches an airline option to buy an airline ticket at a preset price.
• This document discloses an unspecified-time airline ticket representing a purchased seat on a flight to be selected later, by the airlines, for a traveller-specified itinerary (e.g., NY to LA on March 3rd) is disclosed.
• Various methods and systems for matching an unspecified-time ticket with a flight are also disclosed.
• An exemplary method includes: (1) making available an unspecified-time ticket; (2) examining a plurality of flights which would fulfill the terms of the unspecified-time ticket to determine which flight to select; and (3) providing notification of the selected flight prior to departure.
• the disclosed embodiments provide travellers with reduced airfare in return for flight-time flexibility and, in turn, permits airlines to fill seats that would have otherwise gone unbooked. Because of the flexibilities required of the unspecified-time traveller, unspecified-time tickets are likely to attract leisure travellers unwilling to purchase tickets at the available published fares and, at the same time, are likely to "fence out" business travellers unwilling to risk losing a full day at either end of their trip.
• the flexibilities required of the unspecified-time traveller need not be limited to a departure time; the flexibilities may also include the airline, the departing airport, the destination airport, or any other restriction that increases the flexibility afforded the airline in placing the traveller aboard a flight.
• the disclosed embodiments thus permit airlines to fill otherwise empty seats in a manner that stimulates latent and unfulfilled leisure travel demand while leaving their underlying fare structures intact.
• FairAir is a new website offering consumers the ability to change names or sell tickets previously purchased through the site. In essence, it is a secondary market for airline tickets.” Quoting further from the same article "Glickman acknowledged other carriers, including 'big three' U.S. carriers American Airlines, Delta Air Lines and United Airlines, had concerns about potential price dilution. He cited the example of a passenger purchasing a US$300 ticket and then selling it through FairAir closer to the departure date for US$400, while airlines would charge US$500 for the same ticket.”
• a travel system comprising computing means having issuing means for issuing a passage contract to a purchaser on behalf of a passage contract issuer; the passage contract being in respect of a number of future journeys on a transportation means; payment means for receiving payment for a journey from the purchaser so that the purchaser thus receives a right to travel; and trading means to facilitate trading of the right to travel by the purchaser.
• the passage contract provides that the issuer has a right to choose whether or not to make one or more of the future journeys on the transportation means available to the purchaser and if it makes a journey available to the purchaser has an obligation to pay for the journey and thus receives a right to travel.
• Each journey is at a predetermined time and date to a predetermined destination.
• Each journey is from a predetermined venue.
• the generic relation is a scheduled flight number.
• the generic relation is one or more or all of; day of the week; time or time period of the day; departure criteria; destination criteria; service level.
• the different dates, taken in their chronological order, are separated by a regular interval period.
• the issuing means have offering means for the passage contract issuer to offer the passage contract for acceptance by a purchaser.
• the passage contract issuer is any one of the group consisting of an airline company, a railroad company, a shipping company.
• the passage contract issuer may be a travel agent.
• the trading means facilitates trading of the right to travel by the purchaser with users of the travel system.
• the payment means includes computing means for keeping account of payments.
• the payment means include computing means for making payments between users of the travel system.
• the payment means include computing means for making payments by bank transfer between users of the travel system.
• the trading means include computing means for the benefit of a purchaser offering a right to travel for sale.
• the computing means hosts a web site including the issuing means and payment means.
• a further feature of the invention provides for the computing means host a web site including the trading means
• the web site is accessible by any prospective purchaser of a passage contract.
• a restriction is any one or more of the group consisting of: time period available for trading; trading only with a certain group or class of person; trading only with member of a travel association.
• the trading means lists a number of rights to travel for the benefits of prospective further purchasers of such rights.
• the trading means include further trading means to facilitate trading of the passage contract.
• the trading means include a searching means for searching through a list of one or more of the group of passage contracts, rights to travel, put or call options on rights to travel, for the benefits of users of the travel system.
• a yet further feature of the invention provides for the purchaser trades a right to travel subject to a trading condition set by the passage contract issuer and/or by the purchaser.
• a trading condition is any one or more of the group consisting of: trading with a member of a travel association; trading as a future put or call option.
• the computing means includes a timing means.
• the choice in respect of the right to choose whether or not to make one or more of the future journeys on the transportation means available to the purchaser is based on predetermined factors.
• the factors include one or more of the group consisting of: a route profit margin, a flight profit margin; demand; business; stability; risk of future sales; market share.
• the choice is made by software in the computing means subject to prior inputs used in calculations to determine the choice.
• the timing means prevents a further purchaser from purchasing a right to travel within a certain period prior to the time of a journey.
• the price payable for a journey is predetermined at the time of issuing the passage contract or at the time of the issuer deciding to make the journey available to the purchaser.
• the issuer and purchaser are members of a travel association in accordance with membership rules.
• the right to travel includes proof of the right to travel including, any one or more selected from the group consisting of a paper ticket, an e-ticket, an electronic record and a computer record.
• Each right to travel is for one passenger only.
• the right to travel is not exchangeable for another right to travel with the passage contract issuer.
• the right to travel is not refundable by the passage contract issuer.
• Each right to travel is for one journey specified by one or more or all of the following criteria; service level; time or period of day; date; departure; destination; transport provider.
• the trading means has register means to register each right to travel as having the identity of only one holder registered on the computer record at any point in time during the existence of the right to travel.
• the trading means has offering means for offering a travel right by the registered holder of the travel right for sale.
• the right to travel is transferable between users of the travel system by the trading means.
• the trading means comprises means for a registered holder of a travel right to either sell a call option or to buy a put option for the travel right, either to or from a user of the travel system.
• a travel method including the steps of: issuing a passage contract to a purchaser by or on behalf of a passage contract issuer, the contract being in respect of a number of future journeys on a transportation means; making a journey available to a purchaser; receiving payment for the journey from the purchaser; issuing a right to travel to the purchaser; facilitating trading of the right to travel by the purchaser.
• Figure 1 shows timelines of a flight forward contract and three issuing flight right contracts
• FIG. 2A shows a flowchart of an airline method of using the invention
• Figure 3 shows a chart of a first sales target
• Figure 4 shows a chart of a first set of sales
• Figure 5 shows a chart of a second sales target
• Figure 6 shows a chart of second set of sales
• Figure7 shows a chart of a third sales target
• Figure 8 shows a chart of a third set of sales
• Figure 9 shows an example of a search webpage
• Figure 10 shows an example of a member webpage
• Figure 11 shows a schematic diagram of a system for implementing the travel method.
• an airline obtains an undertaking from a purchaser of a number of airline tickets in accordance with which the purchaser undertakes to pay for such tickets as and when the airline decides to offer such ticket or tickets to the purchaser.
• the purchaser has no choice but to pay for the offered ticket before a specified time and date, but the airline has a choice whether or not to offer the ticket to the purchaser.
• Certain rules would apply to the transaction. For example, the airline must offer a specific ticket to the purchaser a predetermined period before the date and time of the ticket, so that, if the airline decides not to offer the ticket, the purchaser would have enough time in which to purchase another ticket, through any traditional route or from another purchaser trading a ticket offered and accepted by such purchaser.
• a computing means 2 that hosts a web site on the Internet 3, and thus software that provides issuing, payment and trading means, the issuing means issues a passage contract to a user through a purchaser computer 4 connected to the web site.
• the passage contract is in respect of a number of future journeys on a transportation means such as an airplane.
• the passage contract provides that the issuer has a right to choose whether or not to make one or more of the future journeys available to the purchaser who has an obligation to pay for journeys and thus receives a right to travel.
• the payment is done through the payment means on the website.
• the trading of the right to travel may be subject to conditions imposed by the airline that sold the ticket or issued the ticket and/or subject to conditions or rules of a travel association to which all purchasers and issuers of tickets must below.
• the right to travel or the ticket may be subject to conditions imposed by the purchaser.
• Each journey sale offered to the purchaser by the issuer or sold on by the initial purchaser is at a predetermined time and date and from a predetermined venue.
• the passage contract issuer is an airline company that may also be a railroad company or a shipping company or the like.
• the passage contract issuer may also be a travel agent. All the right to travel or tickets that the initial purchasers offer to trade are all listed by the trading means on the website so that members of the travel association or the general public , whichever the case my be as allowed by the system, may purchase and choose such tickets.
• Timing means associated with the computing means will prevent tickets from being sold on by a purchaser or from being offered to a purchaser by the issuer to be so sold within a predetermined period of the date and/or time of the ticket.
• the choice in respect of the right to choose whether or not to make one or more of the future journeys on the transportation means available to the purchaser is based on predetermined factors as described further below. These factors may be taken into account by a human operator of the system or may be automatically determined through software imbedded in the computing means to produce a result in accordance with a number of inputs received.
• the embodiment of the invention described herein provides for a computer program to be implemented on a computer network such as the Internet to facilitate the provision of options to buy tickets at a future date to purchasers, to offer tickets to purchasers, to accept payment from purchasers.
• An entity is formed for the purpose of operating and maintaining use of a travel system.
• the entity is a service provider and is referred to herein as an Airline System.
• the Airline System has a set of rules relating to membership and providing for the use of the travel system between members.
• a major purpose of the travel system is to provide means for the easy entering into of forward contracts between members and the subsequent easy trading of the forward contracts and of other contracts resulting from the forward contracts.
• At least some of the users of the travel system are the members.
• all users who undertake obligations using the travel system are members, while those only taking rights through the use of the travel system are members and other users.
• the Airline System makes the travel system available over the Internet.
• the travel system software is called Airline System Exchange.
• the Airline System Exchange allows for, inter alia, the entering into and trading of certain contracts.
• the types of contracts made and traded on the travel system are here called flight right contracts; flight forward contracts; and option-contracts.
• a registered flight right contract is a flight right contract registered in the travel system.
• a registered flight forward contract is a flight forward contract registered in the travel system.
• a registered option-contract is an option-contract registered in the travel system.
• Each registered flight right contract corresponds to a firm right of the registered holder of that contract to nominate a passenger for firm transport according to the terms of the flight right contract. Contract terms correspond to flight number and date, and departure airport and destination airport and class of service, according to the contractual relationship created by the standing rules of association of the Airline System.
• Each registered flight right contract bears a number to identify that flight right contract from any other contract.
• the number is composed of firstly a codename for a flight right contract, secondly for the flight number, which in turn includes the airline code, thirdly the date, and fourthly a seat number which in turn may refer to a specific place on an aircraft or may merely be an identifying number.
• FirmFlyer/X123/2006Jan01/007 is the number registered in the travel system to identify a specific flight right contract, and no other, for a seat (007) on the 1 st of January 2006 on flight X123 by airline X.
• Each registered flight forward contract corresponds to a binding undertaking of the registered holder of that contract to purchase a series of specified flight right contracts offered, from the airline party (to the flight forward contract).
• Each of the flight right contracts in the series is due for payment before a specified period in advance of each corresponding flight journey.
• Each registered flight forward contract bears a unique identity number.
• the number is composed of firstly a codename to identify it as a flight forward contract, secondly the number of the first offered flight right contract, thirdly the period between flight right contract offers in the series of offers, fourthly the amount of flight right contracts offered at each term of the series, and fifthly the number of the last flight right contract offered in the series by the flight forward contract.
• ForwardFlyerm21/2006Jan06/099/52W/1/Y321/2010Jan01/012 is the number registered in the travel system which identifies a single, individual, specific flight forward contract which should issue five flight right contracts beginning with the offer of a single FirmFlyer/Y321/2006Jan06, the next being for 52 weeks later, the third another 52 weeks after that, and the fourth another 52 weeks later, and the last on the 1 st Jan 2010.
• Each registered option-contract corresponds to a firm contract between a seller party and a buyer party which provides an obligation on the part of the seller party to the buyer party to either sell or buy (according to which of the two types of option-contract it is) a specified flight right contract for a price set by the same firm contract, to the buyer party if and when the buyer party decides to exercise a buyer party right, provided by the same firm contract, within a time period specified by the same firm contract.
• Airline System Exchange software provides for a database of all members and members' information, a register of all flight right contracts, of all flight forward contracts, and of all option-contracts.
• Airline System Exchange provides means for registering any and all parties of registered contracts, such that there is only one registered holder party, at any point in time, of each of any registered contracts. So the holder registered within the travel system is the only holder party of the corresponding contract recognised by the Airline System. Only the registered holder of any contract has the authority and means within the travel system, to offer up for sale, and to sell the corresponding contract. All contract making and trading activities must take place within the travel system by and between users of the travel system.
• the Airline System Exchange software provides means for payment between trading users.
• a database on member details is provided to show each member their ownership of flight forward contracts, flight right contracts, and option-contracts; record of prior contract ownership; record of membership agreement to standing rules and regulations or other contracts; and other useful information.
• a list is provided in the database, of members who would like to receive promotions of products and services.
• the Airline System forms a management; the management manages the Airline System according to the rules and provides electronic identification and trading functionality, to minimize the need for non-electronic transactions.
• At least one of the users of the travel system must be an airline.
• it is a member of the Airline System.
• airlines, travel agents, and travellers are invited to join as members of the Airline System.
• a plurality of airlines, of travel agents and of travellers join the Airline System as its members.
• the rules also govern the contractual relationship between members using standard contracting procedures provided, when using the travel system. This allows for the ease of practical use of the travel system. This is since the rules of association allow for standard terms, conditions and warranties included in contracts, to be set prior to the actual trading and usage of flight inventory, thus preventing a cumbersome contracting process. Also, members bound by the rules of association allows for setting up the practical and other legal pre-requisites necessary for the trading process.
• the contractual relationship in certain instances waives privity to original holder party and allows novation of contract to latest holder party and in other instances, the provided contractual relationship may allow for assignment of a contract from a seller holder to a buyer holder.
• Trading processes include banking payments and identification.
• Any member to use the travel system, operated by the Airline System, in the trading process they are provided means of identifying themselves as a particular member.
• the identification means are data entries in accordance with preferred state of the art methods of the Airline System. Since a corporation entity member can only operate the airline system via its authorized natural person agents, each such entity must inform the Airline System of their authorized users. In this embodiment members and authorized users of members, receive a secret password and secret Personal Identification Number (PIN).
• PIN Personal Identification Number
• each joining entity necessarily provides information on him or her or itself to the Airline System management for entering the information into a database register of the travel system.
• the necessary information includes: i) identity documents issued by governments such as identification document, social security numbers or passports.
• Registration and/or incorporation documents are required for legal persons. Also authorized users of the travel system within organizations, and their identifying numbers and documents; ii) addresses and other contact means such as telephone, fax, e-mail, for: a) domicilium et executandi b) residence c) work d) financial business e) informative business f) promotional business g) other categories, such as addresses in various countries or branch addresses h) registered address
• payment means for payments made and received such as encoded bank account numbers or encoded links to bank accounts, the authorization being enabled or activated by state of the art encrypting and identifying technologies. These include various categories of accounts for various types of payments, such as payable, receivable, local, international, stop order or once off.
• a preferred feature of the travel system is the ability to facilitate payments to pre-registered bank accounts. This and the ability to identify trading members from the pre-registered database enable quick trading to take place. Promotional activities also take effect easily by the travel system, if they are acceptable to a member.
• a flight right contract provides a first contractual right solely to a, singular at any point in time, holder party of same flight right contract who is registered in the travel system, to either nominate a passenger to use a specified unit of air transport service or to use same specified unit of air transport by default of such nomination and in addition according to a preference condition of same flight right contract, it provides that said airline party allows a second contractual right solely to the same holder party, to trade and sell this same flight right contract by use of the travel system and in addition according to another preference condition of same flight right contract it provides that said airline party allows a third contractual right to the same holder party to contract with another user of the travel system, by means of the travel system, in taking options to buy or to sell the same flight contract such that after said trading, said first contractual right plus preferred second contractual right plus preferred third contractual right transfer or are assigned solely to a new holder of same flight right contract who has purchased the same flight right contract, by which transfer or assignment, any corresponding first, second, and third contractual rights no longer reside with any previous holder of the
• the above-mentioned phrase "specified unit of air transport service” is used to mean a specified amount and type of space on an aircraft which carries goods or people once off from one place specified by contract, to another place specified by contract, at a time specified by contract.
• the "specified unit of air transport service” is any single seat on an aircraft for a specified flight, and then of course only a single passenger can make use of this first contractual right.
• the "specified unit of air transport service” is any single seat on an aircraft for a specified scheduled flight having scheduled flight number.
• the seat is a single specified seat having specific number on specified type of aircraft.
• the above-mentioned phrase "specified flight” is used to refer to a flight having time and date and departing point and arrival point.
• any flight right contract issues from a flight forward contract.
• option-contracts There are two types of option-contracts which may attach to a flight right contract.
• the first type is an option-contract to sell one flight right contract.
• the second type is an option-contract to buy one flight right contract. Since each option-contract has two parties to the contract, there are four different possible positions that may be taken. Within the methods of the invention, these four positions correspond to four different market segments. For of ease of communication, we provide contrived names for the four different positions that may be taken. EnsureFlyer holds a flight right contract and holds an attached option-contract to sell that flight right contract. FlexiFlyer holds an option-contract to purchase a flight right contract but of course does not hold the corresponding flight right contract.
• RelinquishFlyer holds a flight right contract but has taken an obligation to sell it if the FlexiFlyer to that option-contract decides to purchase it.
• StandbyFlyer does not hold a corresponding flight right contract and has taken an obligation to purchase a flight right contract from an EnsureFlyer if that holder decides to sell it.
• each option-contract expires one full week before the corresponding flight due time, when rights, not already exercised, and obligations, expire.
• a first type of option-contract called a NoShow contract is a contract between a buyer party who must also be the holder of a flight right contract and a seller buyer party whereby for a consideration from the buyer party, the seller party takes the obligation to purchase same said flight right contract held by the buyer party for a purchase price that is agreed in said contract if and when the buyer party exercises a provided right to sell within period agreed in said contract.
• both seller and buyer party are members of the Airline System.
• the buyer party of a NoShow contract corresponds to the position of EnsureFlyer and the seller party of a NoShow contract corresponds to the position of StandbyFlyer.
• a second type of option-contract called an OverBook contract is a contract between a buyer party and a seller party who must also be the holder of a flight right contract whereby for a consideration from the buyer party, the seller party takes the obligation to sell same said flight right contract for a purchase price that is agreed in said contract if and when the buyer party exercises a provided right to buy within period agreed in said contract.
• both seller and buyer are members of the Airline System.
• the buyer party of an Overbook contract corresponds to the position of FlexiFlyer and the seller party of an OverBook contract corresponds to the position of RelinquishFlyer.
• An option-contract terminates by performance if a party exercises their option to buy or sell the underlying flight right contract, or the option terminates by expiry when its exercise period passes.
• the holder of a position of an option-contract is registered in the travel system as the single holder of a position to a specific registered flight right contract.
• So FirmFlyer/Z123/2006Jan25/009/EnsureFlyer is the example of a registered number of a flight right contract, where the holder holds a right to sell it to a specific third party.
• this specific third party a member of the Airline System, will be a holder of a corresponding registered option-contract numbered as
• Any flight forward contract is a binding contract between an airline party and a holder party whereby the holder party undertakes to make a purchase of all terms of a series of generic flight right contracts set in the flight forward contract that are offered by the airline party during a future period of time for each term of the series set in the flight forward contract, on the condition that each purchase be for a price set in the said firm contract and that each purchase will take place automatically by the travel system at the expiration of the said period of time of each term of the series, if the purchase is not already made, but also on the condition that if any of the terms of said series of generic flight right contracts is not offered by the airline party during said period of time or is offered for price other than the said price set, then the holder party may void the firm contract thenceforth but not before by cancelling the firm contract on the travel system before the next term of the said series of flight right contracts is due for offer, but also on the condition that if the said firm contract has not been voided by the holder after such a non-offer or other-
• a flight forward contract may only be formed, purchased, sold, traded, and offered for sale by a member of the Airline System. Any holder of a flight forward contract is a member of the Airline System.
• the Airline System Exchange software provides means for changing the registered holder of any flight forward contract from a selling member to another new holder who is a purchasing member, if and when that flight forward contract is traded.
• the rules of association allow that the airline party to a flight forward contract has approval rights to the trade of that flight forward contract. This is because the flight forward contract holder party has an obligation to the airline party, who may want to confirm creditworthiness of new party.
• the travel system After airline party approval to the trade of a flight forward contract, the travel system automatically creates a new contract to replace the previous traded contract.
• FIG. 1 is a representation of timelines of the life of the flight forward contract and associated derived flight right contracts. This example is that of a simple case chosen for ease of teaching.
• Line 120 represents a timeline of the life of the flight forward contract.
• Line 122 represents a timeline of the life of a first flight right contract issued from the flight forward contract.
• Line 124 represents a timeline of the life of a second flight right contract issued from the flight forward contract.
• Line 126 represents a timeline of the life of a third flight right contract issued from the flight forward contract.
• the flight forward contract issues the first, second, and third flight right contracts in series over time.
• First, second, and third flight right contracts are for flights having the same scheduled flight number for the same day of the week, but each are for flights on different dates four weeks apart from each other.
• Line 128 represents a point in time when an airline party to the flight forward contract offers the flight forward contract up for sale on the travel system of the present invention.
• Line 130 represents a point in time, later than line 128, when a traveller member of the Airline System purchases the flight forward contract on the travel system. Then the traveller member becomes the holder of the flight forward contract.
• the flight forward contract calls for the purchase of the specified individual first flight right contract by point in time represented by line 138. Furthermore, it calls for the later purchase of the second flight right contract by the point in time represented by line 140, and still later for the purchase of the third flight right contract by a point in time represented by line 142. But the purchases depend on each of first, second, and third flight right contracts having been offered, as shown below.
• the flight forward contract also calls for the immediate deposit of a margin sufficient to cover full payment of four weeks worth of flight right contracts. If there are different values for different four week periods then the margin deposit is for the four week period of maximum worth. In this example, the corresponding flights are spaced four weeks apart, all flight right contracts carry the same price, so the margin deposit required is to the price of one flight right contract.
• Line 132 represents a point in time from when the first flight right contract is put up for sale by the airline party for the contracted price. The holder of the flight forward contract may purchase the first flight right contract from the time 132 until before time 138, but at time 138, automatic purchase takes place if no voluntary purchase has taken place.
• Line 144 represents the period of time when the holder of the flight forward contract may make voluntary early purchase of the first flight right contract.
• the holder of the flight forward contract makes a voluntary early purchase of the first flight right contract.
• the flight forward contract holder becomes the holder of the first flight right contract, which now issues.
• Line 154 represents a point in time 7 days before the scheduled flight time
• line 156 represents a point in time when check-in commences
• line 158 represents a point in time when boarding commences
• line 160 represents point in time when departure is expected to take place
• line 162 represents arrival time, of the flight corresponding to the first flight right contract.
• Line 192 represents a period of time from the first flight right contract issue (time 152) until 7 days before the flight (time 154) when option-contracts for the first flight right contract may be made and exercised. It may be that the flight forward contract has a condition of attaching a FlexiFlyer position in an option-contract in favour of the airline party, with the issuing of the flight right contract. It may also happen that the holder of the flight right contract takes an option-contract position with another party. But this particular illustration of timelines does not show detailed reference to the option-contract.
• Line 194 represents a period of time from the first flight right contract issue (time 152) until boarding time commences (time 158) when the first flight right contract may be traded on the travel system. Time 132 is twenty five weeks prior to time 160. Time 138 is four weeks before time 160. In other cases, times prior to flight time 160, such as time 154, time 132, and time 138 may be different from this example, according to Airline System rules, or airline party flight forward contract offers.
• line 134 represents a point in time from when the second flight right contract is put up for sale by the airline party for the same contracted price as the first flight right contract.
• Line 146 represents a period of time when the holder of the flight forward contract may make voluntary purchase of the second flight right contract. But no voluntary purchase of this flight right contract is made, so an automatic purchase takes place at point in time represented by line 140.
• the travel system makes the necessary, conditional payment from a registered bank account of flight forward contract holder to a registered bank account of the airline party. Then it registers the purchaser, who is also the flight forward contract holder, as the registered holder of the second flight right contract.
• the holder of the flight forward contract has purchased all three of third, first, and second flight right contracts, since this holder has voluntarily purchased the third flight right contract early, at the point in time represented by the line 150.
• the holder of the second flight right contract may contract with other members of the Airline System, by making option-contracts.
• a line 188 represents this period.
• the holder of the second flight right contract may offer up the second flight contract for sale on the travel system and trade it during a period of time represented by line 190.
• Lines 164, 166, 168, 170, and 172 represent points in time corresponding to 7 days ahead, check-in time, boarding time, departure time, arrival time, respectively of the flight for the second flight right contract.
• line 136 represents the point in time from when the third flight right contract is available for purchase by the holder of the flight forward contract.
• this third flight right contract is purchased earlier than the other flight right contracts - the line 150 being above line 152 and line 140, representing time 150 earlier than time 152 and time 140.
• This early purchase allows the purchaser a longer period of time, represented by lines 184 and 186, for option-contract taking and flight right contract trading respectively.
• lines 174, 176, 178, 180, and 182 represent points in time corresponding to 7 days ahead, check-in opening time, start of boarding time, departure time, and arrival time of the flight for the third flight right contract.
• the flight forward contract terminates by performance upon the issue of all of the first, second, and third flight right contracts. This is at time 140.
• the first flight right contract terminates by performance upon flight arrival at time 162.
• the second flight right contract terminates by performance upon flight arrival at time 172.
• the third flight right contract terminates by performance upon flight arrival at time 182.
• a detailed description of use of a travel system by an airline now follows as an example only.
• An airline applies for membership to the Airline System by approaching the management of the Airline System. Once the Airline System management has received sufficient information on the airline and the Chief Executive Officer of the airline has signed agreement to being bound by the membership rules of association, then registration as a member of the Airline System takes place by Airline System management.
• the airline joins as a member of an Airline System with powers to issue flight forward contracts on the travel system. In this case, the application takes place in writing, but registration occurs on the travel system.
• the airline authorizes a number of its employees as travel system authorized users. Each authorized user receives a secret password and a PIN for access to use the travel system.
• the airline provisionally sets out a planned schedule in 2006, of a circuitous route AB from point A to point B and repeats again back to point A, for one aircraft B737 for one full calendar year 2007 for possible use by the travel system a year in advance of the beginning of the scheduled year 2007.
• the airline has decided to test the demand for this circuitous route.
• the circuitous route repeats thrice a day - morning, afternoon, and evening flights making six provisional flights per day.
• the circuitous route generates a list of service schedules for these various flights over all days of the calendar year 2007. This annual schedule list generates a list of passenger seat inventory for the coming year.
• Fig 2 is a flow chart of important steps taken by an airline in using the travel system. Most steps are those taken by the airline as a method of using the travel system.
• Process 210 is airline choosing a business aim. Airline chooses a route profit margin, process 212, as a business aim. Then the airline decides a goal to measure aim achievement against, which in this example is process 226. In this process 226, the airline decides a goal of a profit margin of 20% over the complete circuitous route over the year 2007.
• Other business aims that may have been chosen in other embodiments are to provide a profit margin for just a single flight alone shown in fig 2 as process 214; or to move demand from peak times to slack times which is shown as process 216; or to provide a measure of business stability shown as process 218; or to shift risk of poor future sales away from the airline which is shown as process 220; or to increase overall demand which is shown as process 222; or to increase market share shown as process 224.
• a different goal will be set for other aims in other embodiments to suit achievement of the chosen aim or aims.
• the airline goes through an extensive process 228 of forecasting demand for all the flights in the circuitous route.
• the process 228 includes creating and choosing various sales products and their prices, with target levels, for sale on the travel system. These sales products are flight forward contracts which will generate flight right contracts. Also forecasted are sales levels of each flight forward contract, so as to yield maximum revenue on each flight.
• revenue management software is most valuable.
• the revenue management system is part of the Airline System Exchange software. Provisionally there are seven times six times fifty two equals 2184 flights for the years' route. Of these there are 52 morning Tuesday flights from A to B over the period of the year.
• each seat per flight will be offered for sale as a flight right contract which will be issued from a flight forward contract. Therefore, 5200 flight right contracts will need to be offered for sale by the airline.
• the airline does not sell flight right contracts directly as such at this stage of this example but rather sells flight forward contracts which in turn issue the requisite flight right contracts.
• flight forward contracts which issue flight right contracts in due time.
• the purchaser of a flight forward contract takes an obligation to purchase one or more flight right contracts by the due point or points in time, and so must be creditworthy.
• the purchaser of a flight right contract holds a right (rather than an obligation) to a specified transport, and may hold other rights too as mentioned in the above detailed description of a flight right contract.
• the position of rights and obligations is reversed. So, a first reason is that the contracts are so different in their rights and obligations. But also, flight forward contracts are usually for the issue of series of flight right contracts, but flight right contracts are for individual seats. So, a second reason is that the flight forward contracts are so to speak, bundles of inventory which unravel over time, which suit both the purposes of travellers and airlines. The third reason results from the contracts tradability with third parties - the airlines' fear of slippage of market segments by secondary trading is overcome by separation of sales into these two different but interdependent contracts, as is shown elsewhere in this specification.
• FIG. 3 shows a chart of the first sales target.
• the chart is a matrix of blocks which contain information within. Chart columns of blocks are from top to bottom of the page. The left most column is of the amount of flight forward contracts targeted for sale. This column is headed by block 310. The second column is headed by block 312 to show that all blocks in that column show the types of flight forward contracts. The third column of blocks of numbers represent the number of flight right contracts issued per annum per flight forward contract and is headed by block 314. The fourth column of blocks headed by block 316 refers to the number of flight right contracts. The fifth column is headed by block 318 and its blocks show the price for each flight right contract. Block 319 is the head of the column which shows revenue in $ possible from the contracts in the corresponding row.
• each row from left to right of blocks below the headings contains information on a type of flight forward contract. So the row of blocks 320, 322, 324, 326, 328, and 329 contain information on the first sales target for flight forward contracts which issue flight right contracts weekly. This row shows the flight forward contracts which each issue one flight right contract for every Tuesday (block 322) morning flight from A to B during 2007, at $25 ( block 328) for each flight right contract, until 25 (block 320) flight forward contracts are taken. There should be 52 (block 324) single flight right issues from each flight forward contract so the total number of flight right contracts which are from these flight forward contracts will be 25 (block 320) multiplied by 52 (block 324) giving 1300 (block 326). At $25 each (block 328), the 1300 flight right contracts (block 326) must generate $32500 of revenue (block 329).
• flight forward contracts are offered that issue flight right contracts for every fourth (block 332) Tuesday morning flight from A to B during 2007, at $30 (block 338) for each flight right contract, until 80 (block 330) of these flight forward contracts are taken.
• flight forward contracts will issue 13 flight right contracts (block 334) there will be 1040 (block 336) flight right contracts issued from these flight forward contracts, which must generate $31200 in revenue (block 339).
• the flight forward contract only issues a flight right contract every fourth week, there are four different types of these flight forward contracts which start at different weeks, thus covering all Tuesdays of the year.
• flight forward contracts which issue flight right contracts for flights every twelve weeks (block 342) on Tuesday morning flights from A to B, are offered for $35 per flight right contract (block 348), until 260 (block 340) of such flight forward contracts are sold. Since each of these flight forward contracts issues only 4 flight right contracts per annum (block 344) then 1040 (block 346) flight right contracts will be issued by these flight forward contracts over 2007, generating $36400 (block 349).
• the first sales target suggests fifty two types of flight forward contracts are offered which issue flight right contracts for flights nominally once a year but strictly speaking once every fifty two weeks (block 352) for a period of four years for the Tuesday morning flight from A to B of the same week each year of 2007, 2008, 2009, and 2010.
• Figure 3 only refers to sales for year 2007 while the sales of 2008, 2009, and 2010 are not regarded further for this purpose of an example.
• Revenue management of the airline suggests that these are sold for $50 per flight right contract (block 358) until 800 of flight forward contracts (block 350) for the 52 flights are sold. Also since each of these flight forward contracts will only issue one flight right contract per annum (block 354) then only 800 flight right contracts (block 356) will be issued in 2007 generating $40000 of revenue (block 359).
• the first sales target suggests the sale of 780 flight forward contracts (block 360) which only issue a single (block 362) flight right contract once (364). Then only 780 flight right contracts (block 366) may be sold at suggested price of $100 (block 368) to generate $78000 (block 369).
• the routine traveller market comprising regular users of travel for business and association meetings and conferences, holidays and timeshare, visiting friends and relatives, sporting and other events is targeted for these sales.
• Such users often can predict dates of travel demand and are thus able to commit to purchase air travel far into the future especially when they have low price incentives, and have choices of trading their commitments to travel in the unlikely event of not needing to travel on the flights committed to.
• the travel system works in conjunction with advertising media, including advertising on the travel system, to advertise these flight forward contracts.
• block 376, and block 379 shows information on the totals of all types of flight forward contracts( block 372) above, making the total of fight right contracts mentioned above to 4960 (block 376) which is 95% of the possible 5200 flight right contracts.
• the total target revenue is $218100 (block 379).
• figure 4 is also a table having a matrix of blocks in horizontal rows and vertical columns such that each block is a part of a row and of a column.
• the table of figure 4 represents a set of information of actual sales after a period of sales in process 230.
• Reference to figure 4 shows that the requisite 1300 (block 426) of all Tuesday morning flight right contracts are sold as the weekly flight forward contracts (block 422). At $25 (block 428) per flight right contract, $32500 (block 429) has been sold forward.
• block 320 matches block 420; block 322 matches block 422; block 324 matches block 424; block 326 matches block 426; block 328 matches block 428; and block 329 matches block 429; since this part of target has been achieved, the airline revenue management now stops further sales of this weekly type of flight forward contract.
• the 800 of (block 450) fifty-two-weekly flight forward contracts sold (block 452) are due to issue a further 800 ( block 456) of the Tuesday morning flight right contracts of 2007.
• revenue of $40000 (block 459) is sold forward.
• the airline revenue management decides to stop selling more fifty-two-weekly flight forward contracts for a price of $50.
• the sales of the four-weekly flight forward contracts (block 432) and sales of the twelve- weekly flight forward contracts (block 442) have not reached their target levels, being at 60 (block 430) and 65 (block 440) respectively.
• the airline revenue management decides to reiterate to process 228 and set a second sales target represented by a table of information shown in figure 5. This reiteration is not shown in figure 2 for the sake of simplicity.
• FIG 5 is a table of information of the second sales target.
• the table is laid out as in figure 3, the first sales target.
• the second sales target suggests the further sale of 15 flight forward contracts (block 520) each which will issue a flight right contract every four weeks (block 522) at $35 (block 528).
• the second sales target suggests the further sale of 65 flight forward contracts (block 530) each which will issue a flight right contract every twelve weeks (block 532) at $40 (block 538).
• the second sales target suggests the further sales of 200 flight forward contracts (block 540) each which will issue a flight right contract every fifty two weeks (block 542) at $60 (block 548).
• the second sales target also suggests the later sale of 900 flight forward contracts (block 550) each which will issue a single flight right contract once (block 552) at $100 (block 558).
• These single issue flight forward contracts are held back from sale on the travel system until later to fetch a higher price and so as not to take up sales earmarked for series issue. So this sales target aims to sell another 1555 flight right contracts (block 566) for more revenue of $38225 (block 569).
• Figure 6 is a table of sales achieved. After a period of time, results of sales to the second sales target are such as represented in the table of figure 6.
• Reference to figure 6 shows that the target of 15 (block 620) four weekly flight forward contracts (block 622) and the target of 200 (block 640) fifty two weekly flight forward contracts (block 642) have been reached. However only 60 (block 630) of the suggested 65 (block 530) twelve weekly flight forward contracts have now been sold. Also, no (block 650) single issue flight forward contracts (block 652) have been sold since they were not yet offered for sale.
• Block 666 shows that the sum total of flight right contracts due to be issued that have been sold after the second sales target is 635.
• Block 676 shows the amount of flight right contracts sold between the first and second sales target to be 3140 (this is extracted from block 476).
• the total of flight right contracts sold in flight forward contracts up to this point in time are shown in block 686 as 3775, being the total of blocks 666 and 676.
• the sold revenue up to this point in time is shown in block 689 as $133425.
• Figure 7 is a table of information of a third sales target created by the airline revenue management after receiving the sales information shown on the table in figure 6. This is yet a further reiteration of process 228 after the further reiteration of process 230.
• Reference to figure 7 shows that the flight forward contracts which issue series of flight right contracts are no longer for sale and now various flight forward contracts which issue single flight right contracts are for sale. Although all the flight forward contracts are single issue and for the same flight number on Tuesday morning flights, they are to be sold for different amounts. This is since flights on some dates are more desirable than others, and also since the more inventory is sold, the higher the price that the airline offers the remainder. So figure 7 is a summary of revenue management projections for the forward sale of flight right contracts.
• Block 820 shows that the target of 400 flight forward contracts of block 720 has been achieved.
• Block 830 shows that the target of 100 flight forward contracts of block 730 has been achieved.
• Block 840 shows that 70 of the targeted 100 flight forward contracts at $150 per flight right contract have been sold.
• Block 850 shows likewise that 150 of the targeted 200 flight forward contracts in block 750 have been sold.
• block 860 shows that 150 of the targeted 200 flight forward contracts in block 760 have been sold.
• FIG 8 shows the sum of the single-issue flight right contracts sold is 870, as found in block 876.
• block 886 shows the sum in block 476, while block 896 copies block 666.
• Block 895 shows the total of flight right contracts sold through flight forward contracts as 4645, being the sum of blocks 876, 886, and 896.
• Block 897 shows the sum total revenue as $216925. So the airline has sold 4645 (block 895) of the possible inventory of 5200 for Tuesday morning flights in 2007 forward, but it has not yet been paid for the inventory.
• FIG. 2A is a continuation of figure 2. Reference to figure 2A shows that if airline decides it has achieved its business aim chosen in decision 210 then the airline will allow the travel system automatically to follow the procedure which will issue the flight right contracts. These flight right contracts are so to speak, wrapped up within the flight forward contracts, until they are offered by the airline for sale. This is process 240 which is the offering of flight right contracts before or at due time as shown in the detailed description of a timeline of a flight forward contract.
• At least the airline has sold a major portion of the schedule to the wholesale trade and routine users, such that it is able to see in advance and have security of business in advance.
• the airline has hedged its position by selling this demand far forward, achieving predictability of demand. It is most important to note that although the flight right contracts issued will be tradable on the travel system, at this stage the flight right contracts have not issued yet, and so cannot be yet traded. In other words trading of single seat inventory in the form of flight right contracts only takes place once the airline is satisfied it has achieved its goal of forward sales, and decides to offer the flight right contracts. So single inventory is only available and thus is only available for trading between users AFTER being sold through a flight forward contract.
• the airline decides to inform the holders of these Saturday and Sunday morning and evening flight forward contracts that it intends not issuing these corresponding flight right contracts. But the airline informs them that it is willing to convert these morning and evening flight forward contracts into flight forward contracts for the matching afternoon flights provided they are available. The airline does this using the travel system. Since all flight forward holders are members of the Airline System and have been approved by the airline, their contact details are available to the airline from the travel system, to send e-mails to these holders. Then half of these Saturday and Sunday morning and evening flight forward contracts are converted to Saturday or Sunday afternoon flight forward contracts after these holders consent on the travel system.
• the airline decides for similar reasons that it should make an extensive sales campaign to sell extra Wednesday flight forward contracts.
• the airline attempts selling Wednesday flight inventory to those travellers that could just as easily fly on Wednesday as on other days if they had an incentive to do so. So new Wednesday flight forward contracts are designed, advertised, and sold on this basis.
• the airline wishes to have the option of taking a trading position in the hopes of increasing its profit. Therefore, it proceeds to process 242 near to each flight during the year 2007 and assesses the pressure of demand for that flight.
• decision process 244 the airline decides whether there is sufficient outside demand to warrant it taking a trading position. If the airline decides not to take a trading position, it will not do further trading for that flight as represented in termination process 272. However if the airline discovers that there is excess demand for a flight nearer to the time of the flight, and it decides to take a trading position, it proceeds to decide which position it will take. This decision is represented as process 246.
• the airline had sold some single-issue flight forward contracts that held attached OverBook option-contract to each flight right contract issued.
• the airline holds a FlexiFlyer position on a flight right contract for a seat on a Monday morning flight. While the holder of this Monday morning flight purchased his flight right contract by automatic due process from his flight forward contract, the flight forward contract was offered with the condition that the issued flight right contract was subject to an attached OverBook option-contract, putting him in the position of a RelinquishFlyer for this particular flight right contract. He paid the condition price of $100 for the flight right contract, but was refunded $50 immediately by the airline as the consideration-price for taking the RelinquishFlyer position.
• the agreed price purchase by the OverBook option-contract for the underlying flight right contract is $70. So the holder of the flight right contract had purchased his flight forward contract so that he might either travel himself at $50 ($100 less $50 refund) or he would receive $20 ($70 less $50 paid) if he had to relinquish his seat to the airline. A week before the flight his position would be firm as by then the airlines option to purchase would have expired. His travel and economic needs made this position a good proposition. There was also a lesser chance that the airline had not achieved its aim and would not have issued the flight right contract, in which case he would have paid nothing, received nothing, nor travelled, but would have known 6 weeks beforehand to allow him time to make other arrangements.
• the airline chooses process 248 for this particular flight, and proceeds to purchase the mentioned flight right contract for $70 from the RelinquishFlyer.
• the airline uses the travel system to make the purchase. It must do this before the expiry date a week before the flight.
• the purchase process is automatic once the airline's authorized user chooses this operation on the travel system.
• the payment is automatically made from the airline's bank account to that of the flight right contract holder, and then the flight right contract is assigned to the airline, who strangely is now both parties to the flight right contract.
• the holder of the flight right contract is now registered in the travel system as the airline, since the airline purchased it. Now the airline sells the flight right contract for $200 on the travel system two days before the flight takes place. This is shown as process 254.
• the airline foresees a great excess demand, and purchases available flight right contracts and FlexiFlyer option-contract positions from holders who offered these on the travel system. This is process 252. The airline then holds these until nearer the flight and it sells them as shown in process 254. FlexiFlyer options are in some cases resold by the airline as such on the travel system. Or in other cases, the FlexiFlyer right is exercised before the expiry date to make a purchase of a flight right contract which is in turn sold on the travel system.
• the airline may from time to time reiterate back to process 242 to assess the level of demand at that later time, and follow through the next process steps again.
• Payment of this higher price means, according to the conditions (which are within the framework of the Airline System's rules of association) of the flight forward contract, that the higher price of any following offered flight right contract is written over the previous price. Therefore, having paid a higher offered price, the holder is obliged to pay the higher price for future following flight right contracts issuing from the same flight forward contract. Flight forward contract holders, who are unwilling to pay the higher price for the December flight right contracts, now have the option of cancelling the affected flight forward contract. It happens that most of this category of holders decides to cancel their flight forward contracts on the travel system, as is within the conditions of their contracts.
• the framework of the rules of association of the Airline System prevents the holders of flight forward contracts from having any other claim for services or damages in this instance of the airline offering a higher price, or even if it did not offer the flight right contracts. But those holders who do not pay the higher price nor cancel their contract, still hold their flight forward contract, and even if the airline may for a term or more of the series, not offer any further flight right contracts at the original price, the airline may still if it wishes, force sale at the original price of the flight right contract, if offered within the contract due time.
• the holders' actions described above are represented by process 260 in figure 2A. It is desirable that the airline reiterates back to process 234 as shown in process 262, after the holders' actions follow the airline's price increase.
• the scarcity is created provisionally, well before the flight is firmly scheduled, lower prices driving the pressure of demand, extra inventory use providing the lower prices, with the airline holding the key to allowing the sale and consequent secondary tradability of sales, and only using it when it has sufficient sales to suit its purposes, when it is no longer concerned with market segment slippage or movement.
• the most important purpose is to provide the certainty of sufficient margin of profit.
• the key is that the airline has the right to offer or to withhold the offer of each flight right contract at its due point or period in time. Use of this key is in good time before the flight service, allowing the travellers concerned to exercise appropriate actions, which may include the cancelling of the flight forward contract.
• an airline shall only sell what and when it likes and has discretion in the use of the travel system provided. Yet it is taught that ideally this travel system be used to create known demand in advance; then to schedule resources to supply that demand as in charter model airlines; then to allow that demand to be spread, shifted, changed, traded, and insured amongst users.
• the travel system has various web pages for its use by Airline System members and by other users.
• the first web page accessible on the WWW Internet is a flight search page, an example of which is illustrated by figure 9.
• On the same search webpage is a link to a membership application webpage.
• a company C applies to the Airline System management to become a member of the Airline System and hence a user of the travel system.
• the registration form is found on a travel system membership- application webpage.
• Figure 10 is an abbreviated example of another member's webpage. Purchases of contracts are made on a secure transaction webpage linked through a flight search webpage. Sales offers are made on a secure transactions webpage linked from a member's webpage.
• An application is submitted by company C on the travel system to the management of Airline System. Since company C is not yet a holder of any contracts, its application is only of its personal particulars. Requisite information is similar to that described above for airline registration.
• the managing director of the company C signs an agreement to the rules of association of the Airline System, mentioned above under the Airline System heading. These rules of association provide for specific relationships between any member travel providers, travel purchasers, and traveller users. These relationships provide a means for the use of the travel system in the forward marketing and trading of flight inventory.
• the company C forwards a completed registration form.
• the company Cs application is accepted by the management of the Airline System, and thus joins the Airline System, and pays a membership fee.
• the company Cs registration form includes the nomination of a manager responsible for travel of employees as an authorized user of the travel system. This travel manager receives a secret password and PIN from the Airline System. Her personal information such as identification and addresses is entered into the travel system member database.
• the company C purchases a flight forward contract to purchase for one year, a flight right contract for every Tuesday morning on flight XYZ from airline X to fly one person in business class from A to B.
• the number of this flight forward contract registered in the travel system is
• Company C also happens to make a contract for the same one year, a flight right contract for every Thursday evening flight on flight ZYX from airline Z to fly one person on economy class from B to A. This is a second contract intended as a return flight for a company C employee who travelled away on a Tuesday to return on a Thursday. The number of this second flight forward contract registered on the airline-marketing tool is
• a designated authorized responsible person, the travel manager, authorized by company C, is recorded as such within the travel system.
• This travel manager uses a search engine within a search page of the travel system web page. Any user on the search web page may search for flight forward or flight right contracts or option-contracts by clicking flight date boxes, filling in departure and destination criteria boxes, filling in service class criteria boxes, search listing criteria such as price or date of travel, contract-type criteria. Lists of search results show up on the same web page in search windows for any of the airlines offering services on the travel system. Search results are found from any user offering contracts for sale - from airlines or other travellers. The lists may be dropped down by clicking on that window.
• Each airline web page window has a place for accessing advertising and detailed information on the contracts offered for flights and on the airline specials and airline service offers.
• the travel manager searches for a required flight forward contract offered by member airlines of the Airline System to suit the company Cs business. Having found a suitable flight forward contract which issues flight right contracts at a suitable price, by accessing webpage links, she goes through the necessary acceptance procedures, first by entering a secure contracts transactions web page by logging in her password and PIN identification codes. Then the acceptance procedure is made by following the acceptance advice protocols by clicking on a computer mouse at the correct acceptance place on the secure contracts transactions web page.
• Company C is already registered with the Airline System, and company Cs bank account is linked to the travel system, so that the necessary state of the art protocols, procedures and identification means can enable purchase and acceptance of the flight forward contracts.
• Company C has agreed to terms and conditions and legal procedures of all of the standard flight forward and flight right contracts made on the travel system when it joined the Airline System and signed the rules of association.
• airline X also agreed to the same when it joined Airline System. So only the variables and variances have to be noted on the contract - e.g., flight number and/or time zone of day; airline; day/s of week, week/s of year or dates; destination and departure airports, service class, and a specific seat number, if any; and type of contract.
• Each flight right contract is for one passenger place on a flight (a specific scheduled flight having a flight scheduling number). Any flight forward contract is for the purpose of the issue of flight right contracts, which are for the same specific scheduled flights that have the same flight number. Therefore, in this example no flight forward contract would include a morning and evening flight but would require two separate flight forward contracts since flights on the same day bear different numbers. While the same flight number can recur every day of the week, the same flight forward contract issues different flight right contracts but each for the same flight number. While an embodiment of a flight forward contract may provide for the issue of a plurality of flight right contracts for an equivalence of different seats on the same flight; in this example for the same inventory, it would require separate flight forward contracts each which issue one flight right contract on any flight.
• the travel system requests a margin deposit as a security.
• This margin deposit is an escrow to protect the airline X that is offering the flight forward contract, against the risk of default of purchase of any flight right contract offered out of the flight forward contract.
• the amount of the margin deposit is determined by a formula furnished by the airline concerned. In this instance, the flight forward contract ForwardFlyer/XYZ72005Feb08/001/1W/1/2006Feb07/001 which provides for the purchase of one flight right contract for one single seat on each Tuesday flight XYZ from week 6 2005 to week 6 2006 at $D each flight right, requires a margin deposit of 4$D.
• So company C has purchased the flight forward contract ForwardFlyer/XYZ/2005Feb08/001/1W/1/2006Feb07/001 in which company C agrees to purchase fifty-two flight right contracts by the time they each become due, by the travel system automatically transferring $D four weeks prior to the date of each flight right contract.
• Once each flight right contract is paid for it issues as an independent contract in which company C the purchaser, is its holder.
• the flight right contract is also irrevocable and firm.
• the flight right contract holder is not able to change reservations or cancel or get a refund with the airline, the other party to this contract. However, the flight right holder normally will be able to sell this flight right contract which more than compensates the holder from not being able to cancel or change reservations.
• a membership web page shows the authorized user the current registration information, which includes company C addresses, identity particulars, company C authorized user information, and linked company C bank account information. Also, the company Cs membership web page shows the register numbers of the flight forward contracts held by company C.
• $D of money is automatically deducted from company Cs bank account and transferred to airline X's bank account by the travel system which is linked to both accounts. Then upon confirmation of the $D transferred, a flight right contract number FirmFlyer/XYZ/2005Feb08/001 for the Tuesday flight XYZ week 6, 2005 is automatically issued by the travel system to company C, with the holder recorded in the travel system, within its database of company C, and within its register of flight right contracts.
• Company C need not fetch a ticket or print a ticket as a drop down of the parent flight forward contract in company C secure membership webpage shows that FirmFlyer/XYZ/2005Feb08/001 has been paid for and issued. The prefix 'FirmFlyer' shows that it is an issued flight right contract. However, company C should designate a passenger who will fly. By default of nomination, the travel system enters the passenger as the travel manager of company C who authorized the purchase of the flight forward contract.
• the designated passenger, employee E is a member of the Airline System. This means that employee E personal details have been previously entered into the travel system database and that he has received an Airline System membership card prior to and independently of this passenger nomination. Employee E was keen to get membership so as to receive special treatment at check-in.
• employee E shows his photo ID and his Airline System membership card to a check-in clerk, who checks his ID as that matching the identity designated by the travel system as the passenger of a flight right contract FirmFlyer/XYZ/2005Feb08/001 , and issues him with a boarding pass. Normal flying procedures now follow. Employee E returns on Thursday on flight ZYX, when claiming another flight right contract FirmFlyer/ZYX/2005Feb10/004, also using the same Airline System membership card to check in, although he is flying on a different airline Z.
• the travel manager authority of company C designates employee E, to be using the flight right contract FirmFlyer/XYZ/2005Feb22/001 which is later issued to company C, for the Tuesday flight XYZ of week 8, 2005. But, on the Tuesday morning of week 8, before check-in time, employee E calls in that he is ill and cannot fly. Then the travel manager moves the name of the passenger of this same FirmFlyer/XYZ/2005Feb22/001 to that of employee P, by using the travel system on the Internet with the password and PIN codes that only she holds. Then employee P is able to check in for the Tuesday flight XYZ of week 8.
• the check-in clerk will only see that member P is eligible to use that FirmFlyer/XYZ/2005Feb22/001 as a passenger, when viewing the relevant web page of the travel system.
• the check-in clerk cannot change the passenger information nor does the check-in clerk see the history of change of passenger.
• Travel system users other than the providing airline cannot view the passenger information other than for flight right contracts they hold, on the travel system.
• company C Since the Tuesday of week 9 is a public holiday, company C will not send any employee to B. However, company C has automatically purchased a flight right contract FirmFlyer/XYZ/2005Mar01/001 for the Tuesday flight XYZ of week 9, by its flight forward contract with airline X. After Tuesday week 5, when the week 9 flight right contract is issued, the company C travel manager logs onto the travel system via the Internet and puts up FirmFlyer/XYZ/2005Mar01/001 contract for sale on the travel system, for $1.1 D. She also searches for a flight right contract for Wednesday flight XYZ week 9 2005 or similar.
• Such a flight right contract for $0.9D, FirmFlyer/UVW/2005Mar02/067 is found offered on the travel system, and so the travel manager purchases it by clicking the computer mouse at the acceptance block of the secure transactions web page for that contract.
• the travel manager designates, by using the travel system on the Internet, an employee to use the FirmFlyer/UVW/2005Mar02/067 flight right contract on Wednesday. Later in week 6, 2005, the travel manager of company C receives an e-mail automatically generated by the travel system to inform her that FirmFlyer/XYZ/2005Mar01/001 has been sold for $1.1 D. The sale likewise happens after a user of the travel system accepted the price and the automatic payment has been subsequently made. The new owner of the flight right contract FirmFlyer/XYZ/2005Mar01/001on the public holiday, is not shown to company C by the travel system.
• Member M is a pensioner, registered with the Airline System, who is the holder of a flight forward contract ForwardFlyer/UVW/2005Jan05/067/4W/1/2006Dec06/067 to purchase flight right contracts for Wednesday morning flights UVW for transport from A to B by airline U for every fourth week of the years 2005 and 2006.
• Member M generally visits her daughter every fourth week. Her daughter fetches her at the airport B.
• Member M made the long term flight forward contract for series of a Wednesday flight because these issuing flight right contracts were selling at a lower price of $0,6D.
• Airline U issued these flight right contracts for a low price because they knew there was a low demand on Wednesday. It so happens that because of the public holiday, member M's daughter was to go away for the week.
• member M This is what prompted member M to approach her travel agent, to put the flight right contract for the day following the public holiday up for sale. Since member M was not confident using the computer, she used the services of her travel agent. Member M showed the travel agent her Airline System photo ID membership card and presented her thumb for reading by the biometric laser reader at a travel agent office. Thus, she gave her authority to the travel agent to sell her flight right contract to the Wednesday flight FirmFlyer/UVW/2005Mar02/067. With member M agreeing to sell at any price, the travel agent then connected the sale to a computer program algorithm which would progressively offer FirmFlyer/UVW/2005Mar02/067 at a reducing price.
• a SMS is sent to member M's daughter to inform of the sale of FirmRyer/UVW/2OO5MarO2/O67 for $0,9D, who then informs her mother in turn by phone.
• the SMS was directed to member M's daughter automatically by the travel system since this is the contact means entered by member M upon initial registration to the Airline System. Neither member M nor her travel agent are shown by the travel system that it is company C who has purchased the flight right contract from member M.
• Company C needs to dispose of all December flight rights contracts from A to B, and from B to A, in advance.
• the travel manager does not know what the December flight right contracts will fetch later on the open market, when some of these flight right contracts are offered by the airline X or airline Z. So prior to due automatic payment, she searches for offers for these flight right contracts on the travel system. She does find a few offers which will bring a profit from travellers having firm dates for holiday travel.
• Airline X allows the sale of flight right contracts to Airline System non-members, provided that only the first contractual right as mentioned above in the detailed description of a flight right contract is assigned to that non-member.
• Airline Z does not allow any sales of contracts to non-members, and also further restricts the assignment of second and third contractual rights arising from any flight right contract, to Airline System members holding a current flight forward contract with airline Z.
• the travel manager cannot make a direct acceptance of non-member offers, and now offers the relevant flight right contract at the same price to all users on the travel system, but informs the relevant non-member seeker of the offer.
• the non-members, who purchase such a flight right contract do so by paying company C by credit card on the travel system.
• These Airline System non-members holding flight right contracts are not able to enter the travel system to sell or take an option-contract for the held flight right contract, but have the right to use the relevant specified transport.
• Member Q searched for and found and accepted this StandbyFlyer position within the NoShow option-contract by using the travel system on the Internet.
• Member Q is flexible on the time when travelling, and has thus reduced her travel price to $0.75D, being the difference between $D and $0.25D.
• $0.25D is received by member Q at the time of making the option-contract, regardless of whether she is sold the flight right contract at a later stage or not.
• Member Q is the holder of option-contract ZYX/2005Dec15/004/StandbyFlyer which is an obligation to the holder of FirmFlyer/ZYX/2005Dec15/004/EnsureFlyer, company C.
• Company C on the other hand, after taking the EnsureFlyer position with member Q, still puts up the same flight right contract FirmFlyer/ZYX/2005Dec15/004/EnsureFlyer for sale on the travel system for $3D. If company C sells the contract for anything above $1.25 D, it will make a profit. If company C cannot sell it to anyone else, it can force the sale (by exercising its option) with member Q, hedging its loss to the $0.25D that it had paid to member Q. Company C may at anytime during the exercise period of the NoShow option-contract exercise its EnsureFlyer right to sell the underlying flight right contract to member Q for $D.
• the number of the flight right contract now reflects this by having the EnsureFlyer name tacked onto the end of the number thus FirmRyer/ZYX/2005Dec15/004/EnsureFlyer. The holder of this flight right contract is then the holder of the EnsureFlyer right for that flight right contract.
• flight right contract FirmFlyer/ZYX/2005Dec15/004/EnsureFlyer is sold to another member eligible to second and third contractual rights, it is sold intact with its first contractual right for transport on the flight ZYX on the 15 December 2005, its second contractual right to be resold, and its third contractual right made with the holder of ZYX/2005Dec15/004/StandbyFlyer.
• the airline X now has a chance to sell another flight forward contract or may merely sell individual flight right contracts directly without them issuing from a flight forward contract. However, at least the airline is covered for business demand for two weeks, plus the four weeks of demand purchased forward in this example. Also of importance is that airlines have time to react to such default.
• ForwardFlyer/AIIAApmBB/2005SUN20/026/1Y/1/AIIAApmBB/2035SUN20/026 is a 30 year contract between tour operator T and airline U. This contract is for flights from region AA to overseas destination region BB. Because of the possibility of change of airports over 30 years, the contract is region based rather than being specifically from named airport to airport. A margin deposit made initially with the finance house F concerned is twice that of each flight right contract price, in this example. The flight number has not yet been scheduled for 30 years in advance, so the contract is for a time zone of the day.
• the terms of a series of flight right contracts are each for an afternoon flight, on alliance ALL aircraft, on 1 class, on Sunday, 20 week of each year from 2005 to 2035, from region AA to region BB.
• the conditions of the contract are due automatic payment for each flight right contract 10 weeks before each flight date, i.e. in this instance the10 Sunday of every year from 2005 to 2035.
• the tour operator has a further 10 weeks to sell each flight right contract concerned, after it has paid for it, if it has not already earmarked the sale of the contract for a particular function such as an international conference.
• tour operator T After 5 years tour operator T decides to sell the contract ForwardFlyer/AIIAApmBB/2005SUN20/026/1Y/1/AIIAApmBB/2035SUN20/026 to another Airline System member.
• An appointed authority of tour operator T puts up the contract for sale on the travel system.
• Tour operator T offers the flight forward contract for a price which will cover its margin deposit, plus some accruing rewards.
• a student S purchases the contract by paying the holder the offered sale price and agreeing to the terms of purchasing the remaining flight right contracts from airline U.
• Airline U exercises its right to approving student S as the registered holder of the flight forward contract, but requires a higher margin deposit from the student S.
• Traveller G needs to attend to business from Feb 24 2006 in Cape Town. He is not sure whether he wants to return on Mar 9 or Mar 10. Traveller G is a member of the Airline System, who has been issued with a secret password and PIN. In early February, he searches the web pages of the travel system for suitable flight right contracts or option-contracts. He does not want to purchase a flight forward contract. He finds and purchases a flight right contract for Feb 23 and FlexiFlyer positions for each of the Mar 9 and Mar 10 on the travel system from users who are anonymous to himself. Flight right contract FirmFlyer/X 567 /2006 Feb23 /089 provides his evening flight to Cape Town. He has also purchased X777/2006Mar09/045/FlexiFlyer and
• the flight right contract purchase price for FirmFlyerX777/2006Mar09/045 is $110 with the holder of the other position FirmFlyer/X777/2006Mar09/045/RelinquishFlyer whose identity is anonymous to traveller G.
• the holder of FirmFlyer/X777/2006Mar09/045/RelinquishFlyer received the consideration price.
• the flight right contract price of FirmFlyerX778/2006Mar10/011 is $120 with the holder of the other position FirmFlyer/X778/2006Mar10/011/RelinquishFlyer whose identity is also unknown to traveller G.
• Traveller G decides to ensure FirmFlyer/X567/2006Feb23/089 in case there is a change in his plans before the flight time. On the travel system he finds another party willing to take a StandbyFlyer position on the FirmFlyer/X567/2006Feb23/089 at a purchase price of $100 for the payment of a consideration price of $25. This other party, anonymous to traveller G, must deposit $100 with finance house F to take this position. Traveller G now pays the consideration price of $25 for an EnsureFlyer position on FirmFlyer/X567/2006Feb23/089. The $25 is paid over to the other party by the travel system.
• Traveller G is now the holder of FirmFlyer/X567/2006Feb23/089/EnsureFlyer. If his plans for travel on the 23 Feb change, he is certain of being able to sell FirmFlyer/X567/2006Feb23/089 for $100 provided he does this in the exercise period of FirmFlyer/X567/2006Feb23/089/EnsureFlyer which in this instance expires 7 days before 23 Feb 2006. But this ensuring of selling, cost him $25 in this instance. It happens that traveller G uses FirmFlyer/X567/2006Feb23/089 flight right contract to fly to Cape Town.
• Traveller G must decide whether to exercise his FlexiFlyer rights to purchase before they expire. On 1 st March 2006 he decides to purchase FirmFlyer/X777/2006Mar09/045 for $110 by exercising his right from holding X777/2006Mar09/045/FlexiFlyer. He enters a secure transactions flight right contracts web page on the travel system using his own secret Airline System member password and PIN, making the purchase of FirmFlyer/X777/2006Mar09/045 from the anonymous holder of FirmFlyer/X777/2006Mar09/045/ReliquishFlyer for $110.
• the anonymous previous holder of FirmFlyer/X777/2006Mar09/045/ReliquishFlyer receives an e-mail and SMS informing s/he that s/he have been paid $110 for FirmFlyer/X777/2006Mar09/045 by exercise of purchase right by holder of X777/2006Mar09/045/FlexiFlyer.
• Traveller G will use FirmFlyer/X777/2006Mar09/045 to return from Cape Town. So traveller G decides to offer X778/2006Mar10/011/F!exiFlyer for $5 on the travel system. After March 3 2006, X778/2006Mar10/011/FlexiFlyer will expire and no longer exist, so only travellers who will immediately take up the exercise right to purchase FirmFlyerX778/2006Mar10/11 at $120 are likely to purchase this FlexiFlyer position.
• Airline System may be a large international organization for many airlines and even a body formed and regulated by statute, however another embodiment may have only one airline for any particular airline system. This especially so when an airline is instrumental in forming any airline system, while other airlines have not yet joined, or an airline system prefers a single airline user. It is also possible for an airline or alliance of airlines to operate a travel system directly without the intermediary airline system. It is less likely but quite possible for a travel merchant to operate a travel system directly, chartering flights from airlines, and taking responsibility for service to travellers, and not have an airline as a user. But then the travel merchant must be considered as an airline and an airline system. But it is even also possible for a travel merchant to operate a travel system with any number of airlines as users. Then the travel merchant is considered as an airline system. The differences here are that the operator of the travel system also takes the role of at least one of the users.
• general users of WWW may access and view web pages of the travel system but either the Airline System or the airline concerned, decides which categories of registered members or other users of Airline System may trade and make changes and make transactions.
• the selling of flight right contracts is restricted to registered holders of flight forward contracts. Then, users who are not holders of any flight forward contracts are restricted to purchasing and making use of flight right contracts but they cannot sell any held flight right contract.
• any airline may place restrictions on the trading of any flight right contract as suits their aims.
• An airline may place restrictions on who may trade, or price control formulae or methods on further third party trading. Provided that all controls or restrictions are highlighted on the travel system before any purchase of affected contracts takes place.
• Airline System only certain member entities passing Airline System means tests will be able to undertake various particular functions.
• One such possibility is that perhaps only Airline System member entities providing air transport will be able to issue flight right contracts.
• only established designated financial houses may hold investment deposits.
• only members of certain financial means test may make or purchase certain contracts, especially when these members have future financial obligations.
• only accredited travel agents may make third-party transactions for members from the public. It may be preferred that only members in certain categories may purchase certain contracts.
• General users of WWW may access and view web pages of the travel system but Airline System decides which categories of registered members or general users of Airline System may trade and make changes and make transactions.
• any member may purchase any contract.
• Another preferred embodiment is the travel system holding internal accounts, which may be pre-paid cash accounts, of each or any member. Then payments for trading may take place by transfer between accounts.
• the travel system provides for many methods of payments, but credit card accounts for easier payments may be preferred.
• a database of all users when applicable in other embodiments where there are non- member users but they do not have the same rights as members.
• a flight right contract may be also a forward contract. Then its nature will change when it gets paid up. The contract will be tradable according to its status. But then all contracts will be for single seat inventory. Bundled sales will require the sale of separate flight right forward contracts together.
• An airline may perhaps sell similar flight forward contracts for different prices to different market segments.
• certain options-contracts may be attached to flight contracts upon issue by air transport providers.
• a flight forward contract will state that the flight right contracts sold will include the attached option-contract.
• an airline may for example sell a flight right contract to which the airline holds a FlexiFlyer position. In effect, the airline will then have a buy-back option.
• an airline may for certain flights, especially for those having a high demand, restrict all other users from taking OverBook option-contracts, but sell some flight right contracts where the airline holds FlexiFlyer positions. Now the airline is in a position to bump off certain travellers, and no other users are able to do so.
• the advantage to all users is that the process is transparent to them and those able to be bumped have chosen that position to suit their travel economy and plans. Also, those that are bumped off have time to make other arrangements, and are not bumped off at the airport.
• the airline in turn has definite sales, some of which they may buy back and resell for more if there is sufficient demand.
• an airline may sell a fraction of inventory on any flight or any flight route using the travel system, while it sells the balance using other marketing methods.
• the airline may gradually implement increased use of the travel system, changing its aim as it sees fit.
• An airline may waive margin deposits for some or certain users of the travel system.
• exercise periods for option-contracts, or times for automatic payment of flight right contracts will vary.
• the airline concerned will choose all points in time, and all time periods applicable.
• This invention teaches an aim to aid future planning to provide for business stability and to aid reducing wasted places on airline scheduled flights.
• This invention is likely to be even more useful when the schedules are more limited by constraints. For example when landing and take off slots at busy airports are fully allocated. For example, when certain routes are only allocated to certain airlines as has been in the past. For example when there is rationing of flights or fuel because of high- fuel prices.
• the invention is not limited to the details above mentioned, and those skilled in the arts and users of the invention will be able to find useful possibilities. This is because airlines will have a marketing tool rather than just a device, which in turn allows them to plan rather than to forecast only. Not just a tool to sell more travel inventory, but where the sales help to match supply with demand.
• the invention provides a tool for both transport providers and travellers to control and manage their risks to their commitments; and it provides opportunity for travellers to reduce their fares by committing to purchase travel.
• Transport providers have the following choices when using the invention as a tool:
• Airline proposes flights to match forecasts
• Airline offers 'parent' contracts which will issue 'children' tickets for the proposed flights
• Travellers, companies, wholesalers "buy” 'parent' contracts (commit to purchasing 'children' contracts issuing from 'parent' contracts)
• Airline goes through a flight CONSOLIDATION process in good time prior to each flight
• Consolidation process consists of deciding whether to sell, or issue, any 'children' tickets which may issue by due process from any 'parent' contract. So airline has this option
• a 'child' ticket is a peculiar ticket which may be traded - but the only claim on the airline is that they will provide the flight for the holder. NO refunds , NO cancellations, NO change of reservations with the airline concerned
• the present invention provides a mechanism and method for airlines to reduce their risk to inventory non-use by creating preferably long term, committed contractual demand for airline seat inventory by the travellers and travel merchants using the invention, and concurrently to provide the same travellers and travel merchants a mechanism and methods of potentially reducing their risk of non-usage of their committed contractual demand, by allowing and providing means for them to trade their committed contractual demand; and where the airlines are only obliged to provide the air travel service corresponding to the mentioned inventory. So these contractually committed travellers and travel merchants are provided a mechanism and methods to trade contracted individual seat inventory, with other similar parties and airlines that are not necessarily the servicing airline. So an airline selling inventory for services far enough into the future, is provided stability of demand.
• the present invention also provides mechanisms and methods for travellers and travel merchants committing to contractual demand to choose their own level of flexibility to the potential trading of the contractual demand. It is desirable that travellers choose and create their own market segment according to their requirements, in a transparent manner, by taking positions with each other, rather than obligating the servicing airline to take such positions.
• the invention also allows a user airline to make certain flight inventory more marketable, by making that inventory tradable between users of the invention.
• the invention further provides a new passenger airline business model. Using the invention as a marketing tool, an airline may sell sufficient inventory for services far enough into the future, giving the airline power to plan the supply of service to committed demand, rather than merely forecast demand to committed supply.
• Travel wholesalers may take a more active position.
• a "use or lose” air travel service may be “ensured” by others against non-use of travel.

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• 2006
  • 2006-04-11 WO PCT/IB2006/051110 patent/WO2006109248A2/fr not_active Ceased

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