Liberal Party candidates running for ACT seats at the next federal election will need to commit to raising $250,000 each, under a new, wide-ranging performance contract designed to improve the party's electoral chances.

The Canberra Liberals will preselect their lead Senate candidate in November, more than two years before the next election is due to be held, in an effort to avoid another poor campaign to regain the seat they held for nearly five decades.

But contenders eager for an attempt to wrest a seat back from David Pocock or Labor have been told they would need to sign a new contract that sets out clear performance indicators.

Targets would be measured and reported on regularly, party members have been told, and the contract will make it easier for the party to dump underperformi

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