It means that you will work any and all possible hours to get the job done according to you boss' requirements. Even though it's a "contract position" they don't intend to pay any overtime. I really question the legality of this, but I've seen it at more than one employer/contractor.

I would argue on this one that if you're a management employee, then you're expected to do the overtime as a function of the job in return for bonuses, stock options, vacation, and "comp days" to cover the ever decreasing sick day limits. However, since you don't get these as a contractor, I would argue that you should be entitled to the overtime, because you won't see a bonus or comp day anytime soon.

If it's a job benefit, then it probably means that you get a day or occasional days to attend professional training or conferences. I have a 1/2 day DB2 Forum meeting every 3 months, which I would count as a "professional day" type item. Funny, I've been so busy, I haven't been able to use these for at least 6 months.