Employment condition for 190 visa at ACT

Pl refer to the attached link reg act occupation list.

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.