In today's data-driven world, seamless data exchange between different systems, teams, and organizations is crucial for operational efficiency and informed decision-making. Data contracts have emerged as a vital tool to ensure that data is exchanged reliably, consistently, and with high quality. This article thoroughly examines data contracts - formal agreements that specify how data is structured, formatted, and shared between different systems or parties. Data contracts define the schema, semantics, quality, and terms of use for data exchange, ensuring a common understanding between data providers and consumers.