Leasing Music

[Declan Gorman]

Hey guys,
   Earlier this year I worked on some tracks with a guy that I met 
through a mutual friend, one of which you can listen to here 
<http://soundcloud.com/dego/adrian-lenz-go-get-it>. Our relationship was 
simple and involved me writing some music and him putting lyrics to it 
and vice versa.  It was fun while it lasted and it was good experience 
working with him.  One track that we toyed around with was one that I 
wrote a few years ago.  I was never happy with whatever lyrics he put to 
it as I really like this particular track and at the time didn't want 
anything half assed done with it.  The stuff he wrote at the time was 
woeful and I told him so.

   Recently he got in touch looking to buy that track from me so he 
could work on it himself.  After giving it much thought I replied saying 
that I would only lease the track to him with the conditions that I 
retain the copyright and get a percentage of any future royalties made 
from whatever song he produces using the track.  I also mentioned a 
legal contract to avoid any future confusion and asked him to go and 
research things at his end and then come back to me with a fair offer 
for the track.

   So, my questions to you guys are if you have had a similar 
experience, am I going about it the right way and what would be 
considered a fair offer for a five minute track?

   All feedback is appreciated.

Declan.
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