Contracts can be created and edited via Builder. For details about how to create & edit contracts in Builder, see the following video:
The settings for Contracts are:
Subsequent Editing: To edit a Contract’s settings, click on the ellipses beside the customer name and select the Edit link. Make desired changes in the resulting popup and click OK to save changes.
Note: This can include deletion of the Contract.
PLEASE NOTE: Contract changes are versioned, so any changes you make to a Contract will only affect Work Items which are subsequently created. All existing Work Items will continue to use previous settings.
Deletion of these items is a soft-deletion only (effectively retiring). Work Items which are running at the time will not be adversely impacted and can continue to run through to completion. The ability to start any new work items after the point of deletion will cease however.