No. There's no contraction for "was". Of course, you can contract the negative form was not (wasn't).
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everlastinghopeCan 's mean was ?.For instance,someone came to visit me and it was late,so I tell him "It's time to leave.",can we say that 's is was ?No. "It's time to leave" can only mean "It is time to leave". And anyway, why would you tell him, "It was time to leave"? The time to leave is a
Grammar Geek"It's time" means "In my opinion, you should do X now." Oddly, it takes the past form of the verb.
It's time you went to bed.
It's time he grew up.
It's time we faced the truth.
Ivanhr
It's time you went to bed. (the verb went is a past subjunctive)