Note: Status types that are configured on account contracts are in use and cannot be deleted. In order to delete a status type in use, first determine which contracts are configured with the type using the 'References' tab and then edit those contracts to use an alternate status type.
Select the status type you wish to delete in the list on the left under the Account Contract Status Types heading
Under the Account Contract Status Types heading click the icon
On the confirmation dialog click Yes to confirm that the selected status type should be deleted