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The contract template includes predetermined fields, but it can be customized to suit specific company needs using the template builder. Users can modify values in elements like radio buttons, checkboxes, or dropdown lists. To make changes, access the template builder, select the relevant contract template, and observe the available dropdowns. To add items to a dropdown, click the "add items" link. For instance, to extend the contract term, additional options such as 'four years' and 'five years' can be added by clicking the Add button. This allows for greater flexibility and customization within the contract template.