Hi Ram,
When you say "drive dynamic data selection by enabling search and selection", can you elaborate on this? Also from a SIM perspective how are these fields managed? do you require approval on change or data access control or search suppliers by these fields, etc? The linkage between SIM and Contract Management is the supplier organization, from a contract perspective you can have conditions applied to the contract workspace based on fields from the supplier organization and on the SIM side for example the Supplier 360 report you can have a report showing all the active contracts with the supplier.