I have an iphone 5, verizon,2-year contract.Is my phone locked?

The Verizon iPhone 5s are sold unlocked. Normally they are to be sold locked as they did the 4 & 4S but again they are not in this case.

Both of the above posters are partially correct but not completely. The iPhone 5 does come unlocked and can even be used on tmobile. I use it on Verizon. Why would you want to use it on an inferior network. Best buddy, who works at Verizon, uses it on tmobile because its cheaper. His data only works on 3G though. You just have to get a new SIM card from your new provider. It works for global gsm as well so it doesn't need to be unlocked like Verizon's 4s does currently.