A lift maintenance contract is simply an agreement between a building administrator and a lift maintenance firm. In such a contract, the building administrator (or whoever is in charge of the lifts) agrees to only use the lift maintenance firm to maintain the lifts in the particular building. In addition, such a contract may also include information such as the intervals between the maintenance visits. This basically governs the frequency of maintenance of the lifts.
Many lift maintenance firms may use such a contract to fleece the elevator owners of money. This is primarily due to the fact that most people have no idea about the functioning of elevators, and are therefore unlikely to know if the maintenance firm has ordered unnecessary replacements. One way of safeguarding against this is by getting a lift consultation service. This third party can usually inspect the elevators, and then give you a report as to the status of the lift. This means that they will be able to objectively tell you what to replace and why, if at all. Although getting such a service costs money, it is more than worth it as you lessen the likelihood of being scammed by your lift maintenance firm.