Shipment of item to customer creates a warranty contract. can it also be created on custom created I

Hi Team,

Standard OM shipment creates Warranty with customer on IB instance.  do we have a flexibility to create contracts upon reaching custom defined status in IB.

Requirement : We need contract created on a ship and bill line, where in teh shipment would happen for a loaner item to customer, if customer pays for item then we would bill him and have teh contract created then. if the customer returns the loaner item, then we dont need the contract created. can we control this from custom defined IB status.

if yes, pl details on the procedure.

regards,

bala