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Sky Mobile - 12 month contract

I am considering a new contract on an iPhone SE and came across several Sky Mobile deals on cable.co.uk which suggest the contract term is only 12 months. Clicking through to the Sky Mobile site I am struggling to see how long the contract actually is. There is lots of blurb about Swap-24 , Swap-36 etc but it is all a bit vague. Can 12 months be correct? How can they offer such a short contract on a £400+ handset? Am I missing something? 

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