The phrase "new contract" means a fresh agreement or deal that is made between two or more parties for something, such as a job or a business transaction. Full definition
The district also signed new contracts with its other major unions, so while other problems may arise in 2015 - 16, it should prove to be a year of labor peace. (laschoolreport.com)
This meant that every retailer / store out there would have to sign new contracts with publishers. (dearauthor.com)
The board appear to think he is good enough with offering new contracts. (justarsenal.com)