Contracts are up.....

Hello. I was watching a news and run into an expression "contracts are up," in a report about Canadian economy. The report described the financial deficit the province of Ontario is facing, and how they are dealing with the deficit, and it was said that "they are asking their civil servants to moderate their salary demands, which could be a problem because most of their contracts are up this year." Does the expression mean that their contracts are expiring this year? Could someone explain to me what the expression means?

Thank you so much in advance.