<div class="quoteheader"><div class="topslice_quote">Quote</div></div><blockquote class="bbc_standard_quote">Once you cast this spell, you cannot prepare a new 5th-level spell to <strong>replace it</strong> until the contract expires.</blockquote><div class="quotefooter"><div class="botslice_quote"></div></div><br/>So uh... no you would not lose a 5th level spell slot whenever you prepare spells because you never used one to cast the spell, I guess. It doesn't have any clauses about losing spells when you cast it from a scroll instead.