From the original posters information, he has a 5 hp single phase 230 volt submersible motor. These are capacitor start, capacitor run motors. The capacitors are located in a control box at the surface. The control box also contains klixon overloads, a start relay and it may or may not contain a 2 pole contactor. The original posters question was about replacing the contactor.
the standard Square D FSG pressure switch is rated for up to 2 hp at 230 volts. So on a 2 hp or under Pump, the incoming power goes to the pressure switch, then to the control box, then To the Pump motor. At 2 hp and above, you have the option of buying a control box with or without a contactor.
If you utilize a control box without a contactor, you then have two options. One is to use a heavy duty pressure switch rated for the horsepower. The other option is to use an external contactor. The standard FSG pressure switch is then used, but it’s only a pilot circuit to activate the contactor. Any definite purpose contactor can be used.
i prefer to use the control box with a contactor built into it. I’m replacing a 1 1/2 sub Pump right now with a 2 hp. I installed the original pump 24 years ago in 1994. It hasn't failed, but is starting to get a little noisy. The new 2 hp control box has a contactor, so I’m changing the wiring. Now the incoming power goes directly to the contol box,not the pressure switch. There is just a pilot circuit to the pressure switch for the heavier duty contractor
even though the FSG pressure switch is rated for 2 hp, and has had a 1 1/2 hp load, it has been replaced a number of times in the last 24 years. The point are burnt now and a new switch is going in.
the subject of VFD’s came up, but not from the OP. A single phase motor up to 2 hp can be run at variable speeds on a Franklin Monodrive or Pentair Intellidrive. 3 hp and larger require a 3 phase motor to use a VFD.
A 5 hp single phase control box with a contactor costs in the area of $300. A Pentair Intellidrive to run a 5 ho 3 phase sub motor is about $1,600 my cost.