Upkeep minor fix - version bump changes and documentation update

[suneel944]

Description

• Added proper standards for version bump in the repo
• Updated the contributng and the readme documentation

Related Issue(s)

Motivation and Context

How Has This Been Tested?

Screenshots (if appropriate):

Types of changes

• Bug fix (non-breaking change which fixes an issue)
• New feature (non-breaking change which adds functionality)
• Breaking change (fix or feature that would cause existing functionality to change)
• Documentation update (if none of the other choices apply)
• Other (please describe):

Checklist:

• My code follows the code style of this project.
• I have performed a self-review of my own code.
• I have commented my code, particularly in hard-to-understand areas.
• My changes generate no new warnings.
• I have added tests to cover my changes.
• All new and existing tests passed.
• Any dependent changes have been merged and published in downstream modules.
• The documentation is up-to-date.