CO status to add costs when not yet approved (have final pricing)

We would like a status that sits between pending and approved where you haven't agreed on a final price but client has agreed to do the work so you want to start capturing costs against the CO. Something like "Submitted CO" "Under Review CO" or "Unapproved CO" but I feel Unapproved CO would get confused with Not Approved. Alternatively, a function where a Pending CO could be costed against?

Currently you have to approve to start capturing costs but then this will present as an approved variation on invoice so you have to changing CO status around invoicing time. The alternative is to create the transactions but remember to go back and recode to CO which risks being missed.

The 2 scenarios are the CO will be fixed price but that price is still being negotiated so you don't want an incorrect value showing on the invoice as if it was approved or the Variation is a Cost Plus type so there is no final price yet.

Then we would need bookmarks and a merge table for the new status COs that are awaiting approval so if you wanted to present an invoice to the client with this information they have a snapshot of CO value and potentially a list of CO awaiting approval and needing finalised pricing.