Calm consideration when accepting contract’s initial condition (6)

I believe the answer is:

pacify

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'calm' is the definition.
(I know that pacify is a more specific form of the action calm)

'consideration when accepting contract's initial condition' is the wordplay.
'consideration' becomes 'pay' (I am not sure about this - if you are sure you should believe this answer much more).
'when accepting' indicates putting letters inside.
'initial' says to take the initial letters.
'condition' becomes 'if' (I've seen this in other clues).
The initial letter of 'contracts' is 'c'.
'c'+'if'='cif'
'pay' enclosing 'cif' is 'PACIFY'.

Can you help me to learn more?

(Other definitions for pacify that I've seen before include "Make calm, appease" , "Make calmer" , "Placate, calm" , "Appease - subdue" , "Make calm, soothe" .)

I've seen this clue in The Times.

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