While on the one hand i see how this could be considered useful in the hands of responsible players - i greet this idea with hesitation.
I have to side in with Del here - If it can be abused it will be - i personally am not a fan of setting standards by the lowest common denominator, but unfortunately all too often here thats what Admins have to do. I hate to say it but there already is an overabundance of petty, silly, blatant, and just plain wrong sanction reports coming in all the time and i can see why Del thinks this would just get silly, because quite frankly, we get "silly" in spades right now.
I do think the idea has possibilities, but has all too much potential to just be a nightmare.
a Corsair example.
Trader A, who has a RP agreement with a Corsair faction member/player rocks up to Crete to drop off his shipment. Indie Corsair says "Hey, stop, im taxing you"
trader makes a run for it, claiming "im allowed Elder so and so and i have an understanding". Indie Corsair doesnt know who indie so and so is, so he /attacks. Trader dies.
Trader complains to Elder so and so.... Indie is this snapped for messing with the trader.... we get another "civil war" and the 30 odd sanction reports that came out of that alone....