Contract creation from Template

Hi Team,

I am trying to create a Contract from template and following the below navigation

1) Select “OKS" Responsibility

2) Navigate to “Launch Contracts”

3) Select “ToolsNew”

4) Select Create a contract from template checkbox

5) In Template field no values found to select.

I need to understand is it that we fist should have the contract created then only we can utilize option "Create a contract from template"?

As on the contract form we menu Actions -> Save as Template,once done this then later on we can use the same template in the contract creation. Please confirm on it.

Also while saving the contract as template I am getting an error like "OKC_CONTRACTS_UNEXP_ERROR Error" so is this an patch issue because I searched and found the below document for the same error. Please find the attached error screen shot also.