What's the difference between a contract template and a contract terms template?

A contract template is like a contract. The contract template provides a boilerplate for common contract attributes that the organization can use in creating multiple contracts quickly.

For example, a contract template can help create multiple contracts for a particular customer, or multiple contracts with the same contract line information for different customers. However, a contract template has no fulfillment lines, terms, or financial summary. You can make the contract template available for use by activating it directly after you create it without validation or approval. In addition, you cannot close a contract template or place it on hold. Just as you amend an active contract to make changes to it, so you must revise an active contract template to make changes to the template. Revising a contract template creates a new version of the template in Draft status.

You create acontract terms template in the Terms Library. The terms template is a boilerplate for contract terms and conditions relevant to the business of the contract. This includes standard clauses and sections that are applied to the contract using the template selection default rules that you set up. However, before a terms template can be used to apply terms to a contract, the terms template must clear the automated validation check and must be approved by the contract terms author. You can place contract terms templates on hold and edit, revise, approve and reject terms templates. If you need to make changes after the template is approved and in use, you can create a new version of the terms template and submitting it for approval. The revision once approved, automatically replaces the current version in the Terms Library. The application does not save previous versions of templates.