I like the thought behind your "contract," but don't think it can work.

Cars edit*don't*edit stop at stop signs, for crying out loud, and bikes definitely don't, given that they have to pedal from a stop.

Your contract treats both cars and bikes the same and I think that misses an important distinction. Cars are much more dangerous to others than bikes are. A traffic violation by a 3500 pound car can kill others, whereas a mistake by a cyclist only endangers him/herself.