Several questions about System Fields intended purpose and how to configure

Several questions about System Fields intended purpose and how to configure

1. When setting up a new Contract Type one of the first options is to select Party A and Party B. If I select My Organization for Party A, then Party B is immediately and automatically changed to Counterparty and vice versa. Based on this behavior is seems like it does not matter which is which. Is it correct that it does not matter? If that is correct, did Zoho intend for Party A to be our company and Party B the other company? Which is better? Would things work more smoothly depending how we configure this option? 

2. For this question I assume that our organization is Party A. Where can I configure the value of the System Field called Party A? 

Party A: The short name used to refer to the contracting party in a contract.
Party A Name: The full name of the contracting party in a contract.

As an example, if Party A Name is 'Zoho Corporation' then Party A would be 'Zoho'. 

Party A Name seems to be coming from the admin settings under Admin > Organization Info > Organization Name. 
I have inserted a field for Party A in a contract but it is not populating with anything. Where do I configure the short name for our company so that it will populate in Party A? 

3. What's the difference between the fields Party A Contact Name and Party B Primary Contact Name, besides the obvious that they are from two different parties? Why is one primary? 

I would expect there to be matching values. Party A Contact Name ... but there is no Party B Contact Name. Party B Primary Contact Name... but there is no Party A Primary Contact Name. This relates to my first question. It seems that Party A and Party B are not the same, not interchangeable because they have different fields. 

Also, why aren't these contact fields available when inserting fields in the contract type edit screen?

4. What is Party A Phone Number? Is it the organization phone number or a contact's phone number? Why isn't it available when inserting fields in the contract type edit screen? And why isn't there a field for Party B Phone Number? 

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