Build an online Video Lectures website with Recording functionality

We are looking to get an online Video Lectures website with Recording functionality. It wont be a portal but an institution's website where in multiple faculties will give online video lectures to students. Students who are online at the time of lecture can view the tutorial live and ask questions. The tutorial video will also be automatically recorded so other students can view the recorded videos at a later time. Videos/ lectures will be associated to a category/ course for which students will pay a fixed fee (fixed fee for the full course duration). So a student can see the recorded videos or attend the video lectures only related to their course(s). Payment gateway is needed for students to pay online for the course (fee and courses to be managed by admin). We are primarily looking for a company who have build this kind of website before and are able to demonstrate their work along with their bids. Please mention the technology/ CMS you will use to build this website. We will deposit a full milestone before awarding the project and it will be released only after 100% tested and bug free development per our satisfaction level. Successful completion will entitle for a monthly retainer as well for the right development company. Please write "iVideo" in your bid so I know you have read it well. We are open for a fair budget providing you know what you are saying. Thanks!