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as youre trying to turn that text into data one of the most important things you can do for your reporting analysis is to properly categorize the contract because again your objective while youre looking at one contract right now you want to standardize the categorization of your contract so that you can report and analyze and manage the risk of the entire portfolio in the future there are many types of contracts and there are many ways to even think about categorizing contracts there are for example legal classifications and business classifications of contracts and it can be easy to confuse them so we have legal classifications where some body of law distinguishes the types of contracts we might be working on and a lot of your internet searching about types of contracts is going to show these legal classifications but in reality what you probably care about more as a contract manager or someone is charged with delivering value from managing the contract portfolio our business clas