Bro,

YES it is a must, I was given 24 hrs to review and comment on the contents of the contract. It was about 8 to 9 pages back to back and it covers everything you need to know from probation period until your retirement package. In my case, even the issuance of NOC is clearly mentioned. Both the employer and employee must signed on all of the pages of the document as a proof of acceptance of the terms and condition of the employment.

Cheers,