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