Simplify the following text for a Grade 12 native English-speaking person.
Original: The Concorde Agreement is a contract between the FÃ dÃ ration Internationale de l'Automobile ( FIA ) , the Formula One teams ( currently represented by the Formula One Teams Association ( FOTA ) ) and the Formula One Administration which dictates the terms by which the teams compete in races and take their share of the television revenues and prize money .
Simplified: The Concorde Agreement is a contract between the FÃ dÃ ration Internationale de l'Automobile ( FIA ) , the Formula One teams and the Formula One Administration .