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'The current contract' is correct and usable in written English
You can use it when referencing the specific contract currently in force. For example, "The current contract between the two companies is set to expire at the end of this month."
Exact(60)
The current contract has expired.
The current contract expired in May 2003.
The current contract expires in May.
The current contract expires in mid-September.
The current contract expires Oct. 29.
The current contract was extended while talks continue.
The current contract, which uses various banding supplements, is outdated.
The current contract ends at midnight, Dec. 15.
The current contract, signed in 1999, expired on Aug. 31.
The current contract has run for five years.
The current contract with the telecommunications company applies through the 2013 season.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com