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In this tutorial, we learn how to create a new contract using existing contract templates in Oracle Fusion Cloud. After reviewing various scenarios for creating contract templates in previous lessons, this session focuses on the practical steps for contract creation. The instructor first confirms the current application version as Oracle Fusion Cloud 21b. To create a new contract, users must navigate to the task menu, select "Manage Contract Templates," and then choose the desired template from the three previously created. The user is guided through the process of selecting a template and initiating the contract creation from it.