The broad classification of a Contract will help for reporting and searching purposes, generally Customer and Supplier, the default values can be adjusted and added to at any time.

To can create and manage values for the ‘Classification’ field required on all contracts navigate to Configuration > Configuration > Define Value Sets.

On the Define Value Sets page there is a data tree containing the field names for each tab.  Expand these field names to see which values are set as options. You can delete, archive or rename these values by highlighting them and clicking the Delete¸ Archive or Rename buttons located in the top-right.  

To add a new classification value highlight the Contract Classification category and click the Add-Child button to the top-right. This will create a new value for Contract Classification which can be named as required.

Fig 1 -Contract Classification

This same process applies to adjustments of all value sets.