As with any type of international transaction, contract trades payable in Bitcoins should include some protection in the event of a dispute.
It is always advisable to write mediation and arbitration clauses into the contract. Here is an example of such clauses.
The parties agree that any disagreement or dispute relating to this agreement, or consequential upon its interpretation or application, will be subject to mediation. (In this respect, the parties hereto are committing to take part in at least one mediation meeting by appointing a person with power of decision as a delegate to the meeting; the mediator will be designated by the parties). If no agreement is reached within 60 days of the appointment of the mediator, the dispute will be permanently decided by arbitration, to the exclusion of the courts, according to the laws of (xxxx). The parties may at any time agree to extend such time limits before submitting the dispute to arbitration.
Unless the parties decide otherwise in an arbitration agreement, the arbitration will be conducted under the auspices of a single arbitrator in accordance with the rule of law and the provisions of the (xxxx) in force at the time of the dispute. The arbitration award shall be final, enforceable and without appeal and shall bind the parties.
In accordance with international trade law, it is recommended to build your transaction on the basis of a treaty accepted and applicable to all parties involved.
Also, since trading with Bitcoins is different to some extent from fiat money, it is also advised to consider using escrow, mediation and arbitration services, when writing the contract.
Louis Sirois, LL.B