Changes in validation for verifyingContract address

[jpuri]

Ref: #26980

https://consensys.slack.com/archives/C02GENU377A/p1725962954964359?thread_ts=1725914308.614879&cid=C02GENU377A

Following the discussion in thread above we need to decide an appropriate place for verifyingContract address and implementing it. Current patch PR merged it a temporary fix.

#27021