Contractual Safeguard
Addendum — If you cast this spell during your main phase, put a shield counter on a creature you control. (If it would be dealt damage or destroyed, remove a shield counter from it instead.) Choose a kind of counter on a creature you control. Put a counter of that kind on each other creature you control.
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Official rulings (7) · Scryfall
If you cast this spell during your main phase, you may choose the shield counter for the second part of the spell.
A creature with a shield counter on it may still be destroyed by state-based actions if it has damage marked on it equal to its toughness or has been dealt unpreventable damage by a source with deathtouch.
If a permanent that would be dealt damage has more than one shield counter on it, that damage is prevented and only one shield counter is removed.
“Shield” is not an ability that creatures have and shield counters are not keyword counters. If a creature with a shield counter loses its abilities, the shield counter will still protect it as normal.
If a permanent with a shield counter is dealt unpreventable damage, that damage will be dealt and a shield counter will still be removed.
Shield counters don't prevent players from sacrificing creatures.
Removing a shield counter in this way isn't the same as regenerating a creature.