Contract maybe for 10yrs, but if certain min expectations aren't met (not to mention min amt of sponsorship raised) then the races are taken away. Spending 1500 cr on a track might be worth it to get a F1 race but knowing our Indian organisers, perhaps not for this country.
THe amt of things that need to be perfectly in sync for an F1 race is mind-boggling! THe new centres like Bahrain, Malaysia & Shanghai had tons of experience of hosting big events successfully before getting into F1.