According to a report in the "Jang" newspaper, the board officials realized their mistake after the old contacts had already been dispatched to England to be handed over to the players for their signatures.
"After it was realized what had happened the board than sent the new central contracts announced recently for 2013," the report said.
Interestingly, the players have only been sent the last page of the central contracts for their signatures meaning they are not aware as yet about the details and clauses on the other pages of the contracts.
Senior players led by captain, Misbah-ul-Haq had demanded a 50 per cent pay raise in the new contracts but the board settled for much less increasing the monthly retainers by 15 percent plus a 10 percent increase in the test fees.
Players now get a monthly retainer of around 365,000 in the top A category followed by 275,000 and 175,000 in the other categories.