[tarice]

Concerning your point about Thorin being the only judge:

> Disputes arising between the Contract Parties shall be heard and judged by an arbitrator of the Company’s choosing

By that clause, the company should be able to choose Thorin as the arbitrator regardless of the fact that he's the King Under the Mountain. That fact alone would put Bilbo in dire straights if, like you said, he ever crossed Thorin.