I agree with this contract idea. It is a good proposal to protect yourself and others from your own actions. Very sensible.

If we ever reach a point where we know how to artificially create conscious beings, then we should (as you've pointed out) have a set of rules to prevent abuse. To add something new to the discussion: there is also a possibility of material or energy resource shortages (resulting in lower quality of life for you, others, or the new beings) if too many conscious beings are allowed to exist at one time, so it will need to be regulated somehow.