No contract template for master data template &1 CRM product &2

What causes this issue?

The system could not determine a <DS:DE.ISU_TEMPLATE_CONTRACT>contract
template</> for master data template &v1& and CRM product &v2&.

System Response

The system terminates product simulation.

How to fix this error?

Maintain the contract template determination, or implement BAdI
ISU_PFC_TEMPLATE_CONTRACT (enhancement spot ISU_CRM_PFC).

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.