Through Victoria's wonderful blog, I found this:
http://nymag.com/daily/intel/2010/11/read_the_brutal_contract_from.html
This is the contract from hell. $250 advance. Royalties on nets. Nothing from subsidiary rights. The editor might put a pen name on it and give you no credit. Oh, and a clause that could be used to steal your other work.
Bad contracts aren't always this obvious, though. If you don't have an agent, then its worth the money for an IP lawyer's time to avoid getting caught in this kind of crap.
I figure this needs to be forwarded around. It's a nasty one.
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