As an administrator of your account you have access to the Approval set up options.  In new accounts Approvals are switched off by default.

Fig 1 - Configuration Approvals option

To switch on approvals Navigate to -> Configuration ->  Approval Configuration and change the option 'Contract Approval Active' to 'Yes' and [Save]

The approval set up panel will then update to have all the available options to configure and set up Approvals.

Fig 2 - Configuration Approvals option switched on