In TimeLog

TimeLog supports all eight common contract types for consultancies. Each project can contain an unlimited number of contracts – even multiple simultaneous fixed-price contracts or time and material contracts. The type of contract defines the invoicing method, the revenue recognition method and whether the contract is ongoing or finite.

For example, a project may have a major delivery at a fixed price with subdeliveries on time and material and an ongoing maintenance service in effect until the customer chooses to discontinue it. This project may be invoiced quarterly at a fixed amount.

See Figure 1.