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The phrase "a long term contract" is correct and usable in written English.
You can use it when referring to an agreement that is intended to last for an extended period of time.
Example: "The company has entered into a long term contract with the supplier to ensure a steady flow of materials."
Alternatives: "an extended contract" or "a prolonged agreement".
Exact(3)
Automatic technology upgrades come with a long term contract, which typically run three to five years.
Lock Maria Shriver into a long term contract.
Never lock yourself into a long term contract.
Similar(54)
"It's with great pride that I have signed a long term contract," he said.
That's a long-term contract.
We've offered him a long-term contract.
"He's got a long-term contract.
Warner will receive a long-term contract.
Kittles, with a long-term contract, may never be healthy.
Talk has already begun of a long-term contract extension.
And he did not lobby for a long-term 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