You can cancel contracts that you no longer intend to sign. To cancel a contract, it must be in the Draft, Approved, or Rejected status. After cancelling the contract, you can:
Open the contract you want to cancel. For more information, see Searching for Contracts
Select the Cancel Contract action.
Click Go. The system displays the Cancel Contract page.
In the Cancellation Comments field, enter some comments regarding the cancellation of the contract. For more information, see the Cancel Contract page.
Click Apply.