Thank you very much for your Detailed reply Srinivas.
I have 1 question why you have added the 4th step?
As, when we are creating an dependent entity using the relation it is creating the entity with blank values. and as per your 4th step we are adding the blank entity in the Contracts assignment block before creating the Contract on the new page.
Also, if user clicks on the Contract creation page, then how will we remove the blank entity on the Contracts Assignment block which you added in the 4th Step.
Please clarify my above doubts and let me know my shortcomings for the same.