Combination of fixed price and time and material billing

Summary:

Hi,

Can project billing had a combination of fixed price and time and material billing without customization.

A project is created with a contract that we will bill $4000 for the work to the client if it completed within 40 hours. Any time charged over 40 hours to the project will be billed at $50/hour. Depending on how much time the resources charge to the project the billing should be generated automatically without someone having to track the hours charged on the project. Below could be some of the scenarios that can result

Scenario 1: Total time charged to project is 35 hours to complete the project , then amount billed to client will be $4000. System should calculate automatically using out of box.