Had to take my daughter and friends to the beach today - I know, boo hoo. I wanted to respond while I was there on the mobile site, but I dont see where there is a place to click through to the last page of the thread. I couldn't scroll through over 300 posts to get to it - so maybe I'm missing something or they are still working on things?
MAB - Thank you so much for that info. I have never had to deal with any of this until now and I'm slowly trying to learn the ropes. I definitely realize I'm no position to negotiate terms, well at least not very much. I just don't want to even start a relationship with an individual or company that isn't legit. Defintely harder to navigate these waters and steer clear of the sharks when you don't live in Nashville. I will do my homework as best as I can and hopefully not completely screw up my first deal. Of course, it does help to have written the song in question with a writer that has already had a few single song contracts. Like I said in an earlier post, you learn from everyone you work with!
Loved the Raiders of the Lost Ark reference because not only did I love that movie as a kid, but my son used to think he was Harrison Ford. I have so many pictures of him dressed up like him. Missing my boy right now, and that made me smile 
But it is also a good one. You defintely have to have a realistic perspective and it's enormously helpful to have an idea of how these things are supposed to work.
Ott - Good luck with your deal. I hope you hear back something back from him. But I would definitely continue to be cautious and do your homework. 