Contemporary gift (7)
I believe the answer is:
present
I believe this is a double definition.
'contemporary' is the first definition.
(thesaurus)
'gift' is the second definition.
(I know that gift can be written as present)
(Other definitions for present that I've seen before include "Reveal < a gift" , "Christmas hand-out" , "Serpent (anag.)" , "In attendance with award?" , "Exhibit" .)