Cannot Change a Booking or an Event Attached to a Contract

If you update a booking date and/or time that is attached to a contract and you receive the below message, it is because the Lowest Status to Lock Contracted Booking Rates drop-down on the Booking Configuration screen is configured to prevent booking changes after a particular contract status.  

"The booking you are attempting to edit is attached to a contract. The end date and time of the booking cannot be greater (or less) than (date and time)."