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See 'You have exceeded the maximum length of the field' Error When Importing Contract Clauses [ID 1190363.1]
It also lists the patches to apply.
Hope this answers your question,
Sandeep Gandhi is absolutely right.. We faced simillar issue while implementing Procurement contract in R12.1.1 and issue got resolved after patch application suggested by Oracle. We recommend you to raise a SR with Oracle and apply the patch suggested by them.