Definitions

1. noun

A legally binding agreement between two or more parties to do or not do something, as specified in the agreement.

“The company signed a contract with the supplier for the delivery of raw materials.”

2. verb

To agree formally on the terms of something, especially a payment or service, with someone.

“The two parties contracted to meet at the conference to discuss the merger.”

3. verb

To become smaller in size or amount, typically as a result of being reduced or decreased.

“The company’s profits contracted during the recession.”

4. noun

A shortening or reduction in size, amount, or scope.

“The company’s contract resulted in a contraction of its workforce.”