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The phrase "a formal contract between" is correct and usable in written English.
It can be used when discussing legal agreements or arrangements between two or more parties.
Example: "The parties agreed to enter into a formal contract between the buyer and the seller to outline the terms of the sale."
Alternatives: "an official agreement between" or "a binding contract between".
Exact(1)
Due to the complexities of these types of transactions, ebay acknowledges that these bids don't create a formal contract between the buyer and seller.
Similar(59)
On August 14, 1435, a formal contract of "brotherhood and friendship" between Serbia and the Republic of Venice was signed in Smederevo's audience hall.
A formal contract has not been completed.
Even a formal contract offers inadequate protection.
Let's establish a formal contract with formal guidelines".
We never had a formal contract.
Without a formal contract there is no protection against shoddy or incomplete work.
The senator does not yet have a formal contract with the school.
Self-taught as a businessman, Mr. Levy cultivated bonds of trust with his clients, preferring a handshake to a formal contract.
But the town and the Delahunt Group have delayed signing a formal contract for at least a few weeks.
But the changes will only benefit those who receive a regular salary, not those without a formal contract.
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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