Currenty, Users can only one Project Contract record Contract Status Reason to "Draft", "In Review", and "On Hold". Users can use Bulk Edit to edit multiple records to any of the Contract Status Reasons below. *Notice these are different Status Reasons that the OOB Status Reason for the Order entity.

Draft
In Review
On Hold
Confirmed
Completed

Users should be able to update one Project Contract record to a "Closed" Status, Completed without having use a Workflow or Bulk Edit.