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djbELLdjbELL 

Terminating a Contract

Hello,
 
We have recently started using Contracts inside of SFDC and I am coming to the realization that the only way to terminate a contract is to delete it (for historical purposes we would like to keep all contract records).  Can anyone confirm if this is true?   I can create a custom picklist value on the Status field but it will not be available to me under an activated contract.  What's a good work around?
 
Thank you,
 
Diego