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If you see phrase “contracts’’ as a submenu of basic definitions, it means you can define all the contracts features, such as title, number, start date, and finish date. By defining contracts, customers and projects can be connected to contracts, and it is possible to see the report of each contract at any time. (You may have more than a contract with one customer)

(by having the related permission, you can also define new customer in this section.)

Contracts 1
Contracts 2