You'll need CRM Admin rights in order to follow the steps in this article
You'll need Contracts enabled in the Settings Centre before you can follow the steps in this article - here's how
Step 1: Navigate to the Settings Centre
To edit your Contract Statuses, click on the settings drop down, then select System Settings.
Step 2: Navigate to Equipment & Contracts in Settings
Once within the Settings Centre, navigate to the Equipment & Contracts page and scroll down until you reach the 'Contract Statuses' configure option.
By selecting the 'Click to Configure' link, the Configure Contract Statuses window will open. Within this window, all of your current Contract Statuses will be listed. To add a new one, click on the plus icon in the top right-hand corner.
Step 3: Add New Contract Status
You can then start entering information about your new Contract Status. You will need to give the Contract Status a 'Description' and a 'Record State'. For example, I may wish to add a new Contract Status called 'Customer Reviewing Renewal' which would mean the 'Record State' would be 'On Hold'.
Once happy with the information entered, click 'Create'.