Watch weight, facing contest (4)
I believe the answer is:
view
'watch' is the definition.
(I know that watch can be written as view)
'weight facing contest' is the wordplay.
'weight' becomes 'w' (short for weight).
'facing' is a charade indicator (letters next to each other).
'contest' becomes 'vie' (I've seen this before).
'w' after 'vie' is 'VIEW'.
(Other definitions for view that I've seen before include "belief" , "Regard" , "The range of the eye" , "Opinion; inspect" , "Sight - opinion" .)