I'd really like to know more about the operation. What the type rating was, and specifically - did both pilots require a type rating for the insurance or the ops specs of the operation.
The contract could be unenforceable for lack of consideration. (this also applies to promissory notes)
If the company/airline/operation requires (by their own choosing) that both pilots be trained to a certain standard...then the training is not for your benefit, but for the benefit of the company.
Call a lawyer that specializes in business contracts.