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To create a contract template from an existing document in M-Files, select the contract you want to copy, click "Save as Template," and fill out the metadata card. This will create a template from the existing document. Note that new templates in M-Files are recognized as template drafts and must undergo a review process and be marked as active before appearing in the active template library. To create a template from a new document, classify it as a contract template, select the application for drafting, fill out the metadata card, and then proceed with creating the document.