Mercenary contracts NEVER expire and breaking them incurs all the same penalties as breaking vassalage. On top of that they pay virtually nothing. Your options are: 1) Break the contract and have that entire faction hate you probably forever. 2) Become a vassal since there is no benefit to being a mercenary.
I started the siege and this guy showed up and is just sitting here. At this rate he’s gonna starve us out. I’ve been waiting 2 weeks in game since they hit 0 food. 182. 28. I've been playing as a mercenary, not a full vassal, of several kingdoms, but if I ever try to leave a kingdom, I take a -40 relations penalty with….
Defensive sieges were one of the best parts about Warband but these are very hard to come across in Bannerlord. Currently (as of 1.3 and 1.4), the AI only attacks a castle when they have an extreme advantage, which means that if you manage to get into the castle before the AI begins it's siege, you're going to lose the battle.
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mount and blade bannerlord how to stop being a mercenary