This is the 614th most frequent Korean word.
계약
Contract.
In this sentence, '계약' (contract) is used as a noun to indicate a formal agreement between parties.
우리 회사는 새로운 계약을 체결했습니다.
Our company has signed a new contract.
In this instance, '계약' (contract) is a noun that refers to an agreement whose terms are subject to negotiation.
매년 계약 조건을 다시 협상해야 합니다.
We need to renegotiate the contract terms every year.
Here, '계약' (contract) is again a noun, denoting the agreement whose details are being discussed.