We have been struggling with this for a while and after careful considerations, we have adopted the following methodology:
[Product or services covered by the contract] - [country or region] - [year of effective date] - [optional description]
I have chosen this method based on the following logic: 1) we needed a naming to support the search engine best 2) no unnecessary or very few 'duplicate facts' from the actual meta data. Hence previously a lot of end user added e.g. the supplier name to the title of a contract workspace, but why do this when there is a dedicated meta data field for this, that can be used in the search filters? The same goes for Ken's suggestion of adding the CW number to the title - what is the logic behind that? You are able to search on the CW number in a field dedicated to that.
I hope that this helps you in deciding on a naming convention that will suit your company best.