[722] Initialize contracts package

[glenflorendo]

Related Issues

Resolves #722

Checklist

• I have followed all conventions outlined in our documentation.
• I have fully tested my changes and confirmed that all new and existing tests pass.
• I have written meaningful commit messages for all changes.
• I have linted and formatted my changes to follow the code style of this repository.
• I have updated our documentation, accordingly.
• I have checked currently opened pull requests to ensure that there are no pending pull request for the same changes or issues.
• I have confirmed that this pull request fully meets the acceptance criteria for all related issues listed above.