Employment condition for 190 visa at ACT

Hi
Pl refer to the attached link reg act occupation list.

canberrayourfuture.com.au/workspace/uploads/documents/act-occupation-list-1-july-19.pdf
To open above link pl add www.

It is mentioned in it for employment caveat as under:
** Employment Caveat. Minimum one year ACT
employment contract (in the nominated occupation).
The employment must be with a medium to large
enterprise (50 plus employees) located in the ACT; or an
academic appointment at an ACT tertiary institution

Pl clarify whether it means that one should be living and working in act for 1 year or that one should have a job offer with 1 year contract?

It means that you should have a job offer for at-least next 1 year. No need to be staying in ACT currently.