Changing a Contract Status to expired

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I am currently doing some research regarding the Contracts module of Maximo. My question is as follows.

How do you change a contract status to expired in Maximo?

We are currently using versions 7.508 and 7.602.

From what I have found so far it is possible that this may only be done via an escalation, but it would be nice if anyone could enlighten me as to another method. I was hoping that a contract would automatically change to expired status once the current date has surpassed the expiration date, but had no such luck.

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