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The contract template includes predefined fields but allows for customization to meet specific company needs using the template builder. Users can modify values in various list types, such as radio buttons, checkboxes, or dropdowns. To start customizing, users select the desired contract template in the template builder. The interface features several dropdown lists, and to add items, users can click the corresponding "add items" link. For example, to extend the contract term options, users can add additional choices like two, three, four, and five years by clicking the "Add" button.