Model's current contract (5)
I believe the answer is:
ideal
'model's' is the definition.
(ideal is a kind of model)
'current contract' is the wordplay.
'current' becomes 'I' (symbol for electric current).
'contract' becomes 'deal' (I've seen this before).
'i'+'deal'='IDEAL'
(Other definitions for ideal that I've seen before include "Model of perfection" , "Conceptual" , "existing only in imagination" , "Dream" , "principle to be aimed at" .)