A contemporary gift (7)
I believe the answer is:
present
I believe this is a double definition.
'a contemporary' is the first definition.
(thesaurus)
'gift' is the second definition.
('present' can be a synonym of 'gift')
(Other definitions for present that I've seen before include "Serpent (anag.)" , "Repents (anag.)" , "in a particular place" , "A Christmas gift" , "show" .)