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The tutorial explains how to revert a contract in Oracle Fusion Cloud while an amendment is in progress. Users can access the previous version of the contract and select the option to revert changes back to the original version. However, once the amendment is approved, the reversion cannot be performed. To demonstrate this process, the tutorial guides users to create a new amendment. The steps include selecting the "amend contract" action, confirming it, and making updates such as changing the risk status to high and adjusting the agreed amount to three million dollars. Finally, changes are saved, and the status reflects the updates made.