Thanks Fetish for taking the time to answer this thread.

As time goes by, my feelings on the issue have been evolving. I'm not on the verge of signing one (yet) but I do sense that much of the discomfort comes from the fact that "contract" is such a specific word and it entails a bureaucratic based interaction.

I see it more as starting point to bring up discussions that could be overlooked easily. More like a statement in writing of what are the duties and responsibilities of both (or more) parties involved.
Wouldn't I, as a sub, go out of my way and do anything to please my Master? Yes. Wouldn't He in return do everything in His power to keep His precious property safe and happy? Yes. It might seem obvious, but it isn't. Besides it's also very nice to see it written down... (or is that the hopeless romantic in me?)

In any case, I wouldn't scoff or disregard the idea. Personally I believe it has brought forth many things to be explored within myself that I wouldn't have addressed otherwise. Or better yet, Master would have seen them and then pointed them to me regardless, but I know He likes that my introspection gets me ready to wherever He wants me to go.

Once again, thank you all for replying to this thread.

Regards.