Contracts is an online mode in Hitman: Absolution that allows you to act like a true hitman, completing assassination contracts set by other players around the world. In setting a contract, you choose up to three targets, set any extra rules you feel are necessary (such as no bodies being found), and then release it to other players.
It is a form of competitive multiplayer that does not require two people to be online at the same time.
The game will launch with a few developer-made contracts, and more will appear over time as they are created by players. Here's the video:
Hitman: Absolution is set for launch on PC, PS3 and Xbox 360 on 20th November.