Time Dilation: Does Length Contraction Apply?

[waqarrashid33]

Suppose I am standing on the Earth surface and observing a rockhet of very high speed then i will see the length the rocket contracted and abserver on the rocket will also see my length contracted(I am not sure about it)in the direction of motion.
Is the same case takes place with time dialation?
If Not then why?

 

[Mike_Fontenot]

Suppose I am standing on the Earth surface and observing a rockhet of very high speed then i will see the length the rocket contracted and abserver on the rocket will also see my length contracted(I am not sure about it)in the direction of motion.
Is the same case takes place with time dialation?
If Not then why?

Yes.

 

[HallsofIvy]

That is, if you were to observe the rocket persons clock, heartbeat, etc. you would see them all slower than your own and he would see of of yours as slower than his.