Currently when creating a new contract you can only initially select from "Contract Rates" in the dropdown. If you want to contract for a "Product" you have to save the contract first, then edit and select the product as they are not initially displayed in the rate dropdown when creating the contract. This is probably good so as to not have to dig though all products and rates each time. I suggest, similar to the "Additional Rate" option to add a "Product / Service" dropdown so items can be selected on contract creation and save some clicks.