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Contract templates begin as drafts, which can be collaboratively developed in the drafting stage. Once a draft is ready, it's sent for review, with specific reviewers indicated in the metadata card. This review process typically involves the contract management or legal department. The reviewer can either approve the template or return it to drafts for revisions, notifying the content owner if changes are needed. Upon approval, the template is activated, creating a new active version that becomes available in the template library for use.