Is there a way to put a customer on "Hold" within the CRM App

Is there a way to put a customer on "Hold" within the CRM App

Currently, I do not see a way within the CRM to place a customer on hold. We have run into the situation that when a customer does not renew a contract agreement in time or at all that the CRM does not prevent a sales rep from placing an order still at that time. Is there a way to add a "Hold"/ "Disabled" feature to prevent accidental ordering of product until we can reactivate the customer and take them off hold?