We've introduced the ability to set a default value for any drop-down lists (or value set) in the system. For example, you may have a drop-down list defined called Priority associated to each of your contracts and you want each new contract, by default, to be assigned a "medium" priority - and allow the user to change it if required.
To create a custom field with a custom drop-down lists please refer to the following article: https://support.intelligentcontract.com/a/solutions/articles/22000184722-creating-a-custom-field
How do I set a default Value for a drop-down list
As an admin, click on configuration. Choose "Define Value Sets". Find the drop-down list for which you wish to set the default value. Right click the value you want to set as the default value (see below) and choose "set this as default value"