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Are Big 4 Public Sector minimizing their bench?

Big 4 Public Sector Associate. Just recieved a fulltime offer from EY with the following clause:

'the term of the project for which you are being hired for is x year xx months with xx option periods. If the term is not extended or you do not find a project within the firm by the end of the project, your employment will be terminated."


Is EY known for letting go of people on the bench right away?

Should I be concerned about the terms of my offer or is this normal boiler-plate?