TimePunch has two licensing options. The first is the annual subscription and the second is the purchased license.
The license key contains an expiration date. Up to this expiration date, the product is fully usable with the annual subscription. After this date, the key must be removed and replaced with a new one.
The advantage of the annual subscription to the purchased license is that the subscription can be independently used by the current major version.
The annual subscription will be renewed automatically each year as long as it was not previously terminated. The subscription amount will be renewed once per year.
The purchased license is a version-dependent license. That means it can be used without any time limitation for the purchased major version. The major version is the first digit of the version number. When TimePunch PRO 2.5 is the current release, the major version is 2.
The advantage of the purchased license over the annual year subscription is that the purchased license can be used indefinitely. No further license costs arise therefore, if not switched to a newer major version.
The update to a newer license costs 50% of the new price of the current version. A change in the major version number will take place roughly every two years.