Project intercompany billing without contract?

Summary:

Is there any way to set up Project intercompany billing without creating contracts? If I would enable cross-charges on the project and set up a transfer price schedule, should that be sufficient to allow IC invoicing?

Content (please ensure you mask any confidential information):

Requirement is to recharge OTL from BU 1 to BU 2 creating an IC invoice.

Version (include the version you are using, if applicable):

23C

Code Snippet (add any code snippets that support your topic, if applicable):