The reason contract is able to offer higher basic is they usually have little/no bonus, reduced benefits and are the first on the line to get the chop whenever there's cost pressure. 95% of the contract jobs out there will say its renewable or got chance to convert to perm, doesn't mean a thing.
My advice is don't take up any contract job unless you have a specific game plan in hand, i.e. you know some big shots in the new company who can help push for your conversion, or the new contract job can give you a chance to learn some specific special skills or niche network that you want strongly.
I sense you are tempted because of whatever unhappiness you feel over the current promotion process, that is regretable, but do not do stupid things like changing to a short term contractor just because you are slighly unhappy over your current situation.
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