Bad condition
If you want to be legal in all terms you need to pay Tax somewhere.... That means even less money remaining after Tax. Unfortunatly there will be guy´s going for it an lower the threshold for appropriate pay.
If you go to China and fly a B737 you can generate over 15.000$ after Tax for flying freighters there.
The contract is one year only.... and after one year? Too short to consider. As a summary it is easy to say: Too bad terms and conditions, just have the gutts to tell it PARC. I will do it when I get the offer.
Fly safe and land happy