diff --git a/compiler/fir/raw-fir/psi2fir/src/org/jetbrains/kotlin/fir/builder/RawFirBuilder.kt b/compiler/fir/raw-fir/psi2fir/src/org/jetbrains/kotlin/fir/builder/RawFirBuilder.kt
index 905b526c711..2cda44a2deb 100644
--- a/compiler/fir/raw-fir/psi2fir/src/org/jetbrains/kotlin/fir/builder/RawFirBuilder.kt
+++ b/compiler/fir/raw-fir/psi2fir/src/org/jetbrains/kotlin/fir/builder/RawFirBuilder.kt
@@ -7,7 +7,6 @@ package org.jetbrains.kotlin.fir.builder
 
 import com.intellij.psi.PsiElement
 import com.intellij.psi.tree.IElementType
-import com.intellij.psi.util.PsiTreeUtil
 import com.intellij.util.AstLoadingFilter
 import org.jetbrains.kotlin.*
 import org.jetbrains.kotlin.builtins.StandardNames
@@ -1527,8 +1526,11 @@ open class RawFirBuilder(
         }
 
         private fun KtContractEffectList.extractRawEffects(destination: MutableList<FirExpression>) {
-            getExpressions()
-                .mapTo(destination) { it.accept(this@Visitor, Unit) as FirExpression }
+            getContractEffects().mapTo(destination) { effect ->
+                buildOrLazyExpression(effect.toFirSourceElement()) {
+                    effect.getExpression().accept(this@Visitor, Unit) as FirExpression
+                }
+            }
         }
 
         override fun visitLambdaExpression(expression: KtLambdaExpression, data: Unit): FirElement {
diff --git a/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/functionWithBothOldAndNewSyntaxContractDescription.lazyBodies.txt b/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/functionWithBothOldAndNewSyntaxContractDescription.lazyBodies.txt
index 0ff623f325d..8c2dc62b5c7 100644
--- a/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/functionWithBothOldAndNewSyntaxContractDescription.lazyBodies.txt
+++ b/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/functionWithBothOldAndNewSyntaxContractDescription.lazyBodies.txt
@@ -1,6 +1,6 @@
 FILE: functionWithBothOldAndNewSyntaxContractDescription.kt
     public? final? fun test1(s: String?): R|kotlin/Unit|
         [Contract description] <
-            returnsNotNull#()
+            LAZY_EXPRESSION
         >
      { LAZY_BLOCK }
diff --git a/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/propertyAccessorsContractDescription.lazyBodies.txt b/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/propertyAccessorsContractDescription.lazyBodies.txt
index 5882f5f9b08..377f6ddf8f9 100644
--- a/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/propertyAccessorsContractDescription.lazyBodies.txt
+++ b/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/propertyAccessorsContractDescription.lazyBodies.txt
@@ -7,7 +7,7 @@ FILE: propertyAccessorsContractDescription.kt
         public? final? var myInt: Int = LAZY_EXPRESSION
             public? get(): Int
                 [Contract description] <
-                    returnsNotNull#()
+                    LAZY_EXPRESSION
                 >
              { LAZY_BLOCK }
             public? set(value: Int): R|kotlin/Unit| { LAZY_BLOCK }
@@ -21,12 +21,12 @@ FILE: propertyAccessorsContractDescription.kt
         public? final? var anotherInt: Int = LAZY_EXPRESSION
             public? get(): Int
                 [Contract description] <
-                    returnsNotNull#()
+                    LAZY_EXPRESSION
                 >
              { LAZY_BLOCK }
             public? set(value: Int): R|kotlin/Unit|
                 [Contract description] <
-                    returns#()
+                    LAZY_EXPRESSION
                 >
              { LAZY_BLOCK }
 
@@ -39,12 +39,12 @@ FILE: propertyAccessorsContractDescription.kt
         public? final? var someInt: Int = LAZY_EXPRESSION
             public? get(): Int
                 [Contract description] <
-                    returnsNotNull#()
+                    LAZY_EXPRESSION
                 >
              { LAZY_BLOCK }
             public? set(value: Int): R|kotlin/Unit|
                 [Contract description] <
-                    returns#().implies#(!=(value#, Null(null)))
+                    LAZY_EXPRESSION
                 >
              { LAZY_BLOCK }
 
diff --git a/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/simpleFunctionsContractDescription.lazyBodies.txt b/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/simpleFunctionsContractDescription.lazyBodies.txt
index 032c427fc03..f79c83bb5a9 100644
--- a/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/simpleFunctionsContractDescription.lazyBodies.txt
+++ b/compiler/fir/raw-fir/psi2fir/testData/rawBuilder/declarations/contracts/newSyntax/simpleFunctionsContractDescription.lazyBodies.txt
@@ -1,12 +1,12 @@
 FILE: simpleFunctionsContractDescription.kt
     public? final? fun test1(s: MyClass?): R|kotlin/Unit|
         [Contract description] <
-            returns#().implies#(!=(s#, Null(null))),
-            returns#().implies#((s# is MySubClass))
+            LAZY_EXPRESSION,
+            LAZY_EXPRESSION
         >
      { LAZY_BLOCK }
     public? final? fun test2(): R|kotlin/Unit|
         [Contract description] <
-            returnsNotNull#()
+            LAZY_EXPRESSION
         >
      { LAZY_BLOCK }
diff --git a/compiler/psi/src/org/jetbrains/kotlin/psi/KtContractEffectList.kt b/compiler/psi/src/org/jetbrains/kotlin/psi/KtContractEffectList.kt
index 6b982010f80..99105bdbc98 100644
--- a/compiler/psi/src/org/jetbrains/kotlin/psi/KtContractEffectList.kt
+++ b/compiler/psi/src/org/jetbrains/kotlin/psi/KtContractEffectList.kt
@@ -14,8 +14,5 @@ class KtContractEffectList : KtElementImplStub<KotlinPlaceHolderStub<KtContractE
     constructor(stub: KotlinPlaceHolderStub<KtContractEffectList>) : super(stub, KtStubElementTypes.CONTRACT_EFFECT_LIST)
 }
 
-fun KtContractEffectList.getExpressions(): List<KtExpression> =
+fun KtContractEffectList.getContractEffects(): List<KtContractEffect> =
     getStubOrPsiChildrenAsList(KtStubElementTypes.CONTRACT_EFFECT)
-        .map {
-            it.getExpression()
-        }