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Pre-bill on T&M
Hi,
We have a scenario where we pre-bill a customer a certain % of Time and Material contract value. We invoice this amount upfront and 'draw-down' from it as work progresses. Once we consume the pre-billed $$ we invoice monthly T&M. The hours are time bound, say 2 years from contract signing. After 2 years all of the remaining hours are considered delivered.
I read about Retainers being an option wherein we could associate invoices with the Retainer. I haven't actually tried setting retainers yet. I would like to see if others have this scenario and the best ways to handle this or retainers are the way to go.
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