The square is an important economic, cultural, and transport center of the Podil, containing numerous architectural and historical monuments.
Contract Square is known since the Kyivan Rus' times as an important part of the Podil merchant neighborhood.
[1] The square lies in between the Andriivskyi Descent, Sahaidachny, Pokrivska, Florivska, Prytisko-Mykilska, Kostiantynivska, Mezhyhirska, Spaska, Skovorody and Ilynska streets.
[1][2] During 1748-1749, the Fountain of Samson was built to repair the water distribution system of the area[3] to a design by Ukrainian architect Ivan Hryhorovych-Barskyi.
[2] Today, the Contracts Square is an important center of the Podil neighborhood, and also a recreational, cultural and transportation point of the city.