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Spectrum reservation is emerging as one of the potential solutions to cater for the communication needs of massive number of wireless Internet of Things (IoT) devices with reliability constraints particularly in mission-critical scenarios. In most mission-critical systems, the true utility of a reservation may not be completely known ahead of time as the unforseen events might not be completely predictable. In this paper, we present a dynamic contract approach where an advance payment is made at the time of reservation based on partial information about spectrum reservation utility. Once the complete information is obtained, a rebate on the payment is made if the reservation is released. In this paper, we present a contract theoretic approach to design an incentivized mechanism that coerces the applications to reveal their true application type resulting in greater profitability of the IoT network operator. The operator …