The most common and most likely answer to this crossword clue is the 11 letter word STIPULATION
I've seen this crossword clue in The Daily Telegraph
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Buddy explains!
The straight part
We know that "contract" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case contract = stipulation.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does STIPULATION mean?
STIPULATION noun- The act of stipulating; a contracting or bargaining; an agreement.
- Something that is stated or stipulated as a condition of an agreement.
- The situation, arrangement, and structure of the stipules.
- A goal to be achieved in a chess problem; for example, to checkmate Black within a specified number of moves.