Got an offer from a stat board, seemed like perm position when I applied but was verbally told it is a 3 year contract (every 1 year renew contract)

Googled and seemed like stat boards no longer/seldom offer perm positions now, so wondering if such contract positions are still able to get bonuses and progression?

Any risks or things I should know about the contract situation? (especially if you're in a SB yourself)

Thanks!