Navigating job offers: Final interview with preferred employer vs. new contract offer

I recently completed my final interview for a permanent role with the Managing Director at a company I really want to join. They mentioned they intended to proceed with my hire, but I haven't received an official offer letter or details about the compensation package yet. Just two days after that interview, I received another job offer that comes with a highly competitive salary, but it's a one-year renewable contract through a third-party payroll company. The catch is that I have a very short deadline to respond, and if I sign the contract but don't show up for work, I would owe them two months' salary. I'm considering reaching out to my preferred employer to check on the status of my application, but I'm unsure if I should mention the other offer to convey the urgency. I don't want to seem pushy, but I also want to ensure I don't miss out on the opportunity I prefer. Has anyone been in a similar situation? I'd love to hear your thoughts.

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