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To create a contract template from an existing document in M-Files, select the desired contract and click "Save as template." Fill out the metadata card to generate the template. Keep in mind that new templates are initially recognized as draft templates and must undergo a review process to be marked as active before they appear in the active template library. To create a template from a new document, classify it as a contract template, select the application for drafting, and complete the metadata card. You can then proceed with creating the document independently.