There is a serious lack in that contract.

Please read this contract and sign it.

This is an important problem.

Do you understand the importance of this project?

We made a new contract.

We entered into a contract with a new business partner.

It seems like something is lacking in this plan.

It seems that something is missing from his plan.

His plan has a flaw.

The Ark of the Covenant is a sacred box described in the Old Testament.