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To create a contract template from an existing document in M-Files, select the contract, click save as template, and fill out the metadata card. This will create a template from the existing document. Note that new templates are recognized as template drafts and must undergo a review process before being marked as active. To create a template from a new document, classify it as a contract template, choose the application for drafting, fill out the metadata card, and follow the document creation process.