What are the risks of a contract?

Could you kindly elaborate on the potential risks associated with a contract? Are there any specific clauses or terms that might pose a challenge or uncertainty? Also, are there instances where contracts could lead to financial losses or legal disputes? Furthermore, how can individuals or businesses mitigate these risks and ensure their interests are protected? I'm particularly interested in understanding the common pitfalls and how to avoid them when dealing with contracts. Thank you for your insights.