The contract review process is one that is commonly misinterpreted. After streamlining the contract review process in a couple of organizations I can say that the TS standard does not cover it very well and maybe that's why you are asking about it in the first place. Advanced product quality planning and feasibility should be considered during the estimating function and control plans can be developed without reference to the "contract". The contract is an agreement between the customer and the supplier commonly in the form of a customer's purchase order which in turn becomes the supplier's sales order. It never ceases to amaze me that companies claim to (and prove) contract review prior to receiving the actual "contract" and all documentation referred to within.
I break down the contract review process in two phases. 1) Does the contact agree with the organization's terms of sales and 2) the ability to meet the customer's requirements.
Some important things to consider are lead time, liability of inventory, how noncompliance is handled and the extent of penalties.