A contention period or contention slot is the minimum time a host must transmit such that it can be sure that no other host packets has been transmitting.
For LAN'S using CSMA/CD ,Contention period must be twice the propagation delay (2*Tp).
It takes minimum of RTT time to detect collision.
So Contention period = 2*Tp = 2*125 micro second = 250 micro second.