Usually means: Employment agreement with set duration.
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We found 4 dictionaries that define the word fixed-term contract:

General (3 matching dictionaries)
  1. fixed-term contract, fixed-term contract: Collins English Dictionary
  2. fixed-term contract: Wiktionary
  3. Fixed-term contract: Wikipedia, the Free Encyclopedia

Slang (1 matching dictionary)
  1. fixed-term contract: Urban Dictionary

Definitions from Wiktionary (fixed-term contract)

noun:  A contract which is valid only for a pre-arranged length of time.

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