The Remaining Time Indicator can be shown next to the contract end date field and indicates the number of remaining months.

The indicator shows the amount of time remaining before the contract expires based on the contract end date. 

If you don't want to see this indicator an administrator can turn it off for all users.  To turn this indicator off, Navigate to: Configuration > General Configuration > Manage Account Configuration

In the Contract section, there is an option "Display months remaining on contract end date" which can be switched on or off.