Is it correct/preferred to use "present" as adjective instead of "this" when writing legal stuff?

Sometimes there are legal documents that, literally translated into English, contain the phrase "the present document/contract" whenever a reference to the document itself is made within the document.

Examples (formal/legal context):

1. The present contract describes 3 sections…
2. This contract describes 3 sections…

Questions (formal/legal context):

1. Is example #1 correct?
2. Which one is preferred?
3. Is there a better option like using "the current document" or hereby, hereon, etc.?