Your contract is the guiding document of your position. It defines your responsibilities, rights, pay, and working conditions.
A lot of people worked for a long time to negotiate these contracts. This is one of the most important roles of the EAPC, and you should know what your elected officers, negotiation teams, and dues are accomplishing on your behalf.
Contracts are negotiated roughly every three years. If you read the contract, then you'll be more informed when the next round of negotiations comes around (and might think of something you want to change).