Yes, contract text is a literary work and subject to copyright protection, unless excluded by law. Some countries do exclude copyright in certain things for public convenience. Contract text might be one of those things.

However, most contracts make use of a hodgepodge of text called “boilerplate clauses” that have been used in contracts, sometimes for centuries. Someone asserting copyright in boilerplate clauses is going to struggle establishing copyright ownership in those portions of the contract as they need to prove they are the original author of those boilerplate clauses.

Another wrinkle is that many contracts now make use of artwork (e.g. graphs and diagrams) to make parts of contracts easier to understand. Copyright ownership is not an internationally homogenous system and under the Berne Convention, member states can make their own rules as to who owns artistic works. So, in one jurisdiction, if someone commissions (asks an artist to make an artistic work and offers to pay them), then copyright in that artistic work belongs to the person who commissioned it. In other jurisdictions, it might be owned by the person who actually created it. So who owns the contract text (or artwork) might differ, depending on where it was created.

As with many complex topics, the answer to your question is: it depends.

Question answered: Can contract text itself be subject to copyright?