Adding contributing.md file.

CONTRIBUTING.md

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+# How to Contribute to FedML
+
+[FedML](https://github.com/FedML-AI/FedML) is an open and community-driven project. Everyone is welcome to contribute!
+
+
+## Interacting with the FedML Community
+
+- [GitHub issues tracker](https://github.com/FedML-AI/FedML/issues): addressing and discussing functional issues and problems of the FedML library. 
+- [Slack channel #general](https://fedml.slack.com/archives/C0172MH1PRV): open-ended questions and issues related to the FedML open-source library.
+- [Slack channel #fedml-system](https://fedml.slack.com/archives/C01D33QU6PN): open-ended questions and issues related to system errors and issues.
+- [Slack channel #fedml-model-and-dataset](https://fedml.slack.com/archives/C018797FC7J): open-ended questions and issues related to model definitions and (customized) dataset loaders.
+- [Slack channel #fedml-algorithms](https://fedml.slack.com/archives/C017G2YQGFP): open-ended questions and issues related to algorithmic optimizations and implementations.
+- [Discord](https://discord.gg/VcEBxSKh): open-ended questions and issues related to the FedML open-source library, similar to Slack.
+
+
+## Submitting a Bug Report / Feature Request / General Q&A
+
+Before submitting a github issue or a feature request, ensure the issue has not been already reported under
+[Issues](https://github.com/FedML-AI/FedML/issues), either in the [open](https://github.com/FedML-AI/FedML/issues?q=is%3Aopen+is%3Aissue) or [closed](https://github.com/FedML-AI/FedML/issues?q=is%3Aissue+is%3Aclosed) issues list 
+and it is not currently being addressed by other [pull requests](https://github.com/FedML-AI/FedML/pulls). For questions that required to be asnwered in a timely manner it is recommended to ask the [Slack community](https://fedml.slack.com/archives/C0172MH1PRV).
+
+If you're unable to find an open issue addressing your problem, then you can [open a new one](https://github.com/FedML-AI/FedML/issues/new). Please make sure to include: 
+- **Issue Title**: a consice explanation of the issue 
+- **Description**: be as descriptive as possible so that the issue can be reproduced by others. The description needs to contain the following checklist:
+    - [x] your environment's fedml library and environment
+        - **hint:** run `fedml env`
+    - [x] your environment's operating system specs
+    - [x] your environment's hardware specs
+    - [x] the sequence of execution commands creating this issue
+    - [x] source code to reproduce the error wherever necessary
+- **Label**: need to select at least one label from the following list:
+    - `bug`: something is not working at all
+    - `documentation`: improvements or additions to documentation
+    - `good first issue`: if this is the first issue of the user
+    - `help wanted`: if this is an advance feature request and critical help is needed
+    - `hotfix`: a small change to a speficic functionality is needed
+    - `question`: if the issue is an implementation or other open-ended question
+    - `research-projects`: if the issue is related to a research project/question
+    - `TODO features`: if the issue requests the implementation of new feature
+
+
+## Contributing Code - Opening a PR
+
+Before you open a new pull request or contribute code, please make sure you have gone over the documentation, have successfully installed the FedML library and you are able to run a working example:
+- [FedML Installation Docs](https://doc.fedml.ai/open-source/installation)
+- [FedML Examples](https://github.com/FedML-AI/FedML/tree/master/python/examples)
+
+However, to avoid duplicating work, it is highly recommended before a new PR is opened to search through the
+[issue tracker](https://github.com/FedML-AI/FedML/issues) and
+[pull requests list](https://github.com/FedML-AI/FedML/pulls). One easy way to scan over existing issues and PRs, is by searching using one of the following labels 
+(`bug, help wanted, hotfix, TODO features`), for instance for an existing `TODO features` [you can look here](https://github.com/FedML-AI/FedML/labels/TODO%20features).
+
+The procedure to start working on a new PR is:
+1. checkout the [development branch](https://github.com/FedML-AI/FedML/tree/dev/v0.7.0)
+2. make any necessary changes locally and push to a new branch following the convention `<username>/<PR_name>`
+    - `username` is the name of your GitHub account and `PR_name` is a succint name describing your PR
+3.  once you have pushed your PR you need to request a merge with the development branch
+
+Once the PR is approved, it will be merged into `dev/v0.7.0` and subsequently to the `main` branch in the next [FedML Release](https://github.com/FedML-AI/FedML/releases).
+