Don't forget that the renting process is a leap of faith, and the renter needs more faith than you do. You NEVER lose control of your points, right up until the renter's check-in. The worst that could happen to you is that your points end up in holding, the worst that could happen to the renter is a lost vacation and no $$, a fraud situation. Of course, if you are planning to deposit your points into another member's account, the situation is reversed, and you are the one taking a leap of faith.
You need to decide who the contract is supposed to protect before you decide to use one. While I am not a lawyer, I don't believe the contract is a legal document, in the sense that it won't hold up in court. They can be useful, though, in laying out what is expected from both parties.