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A song of mine being covered -- help on the business end?

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So, another relatively unknown artist (like, my level of popularity) is asking about covering one of my songs for his small-run indie release.

My heart tells me that I can just tell him to go ahead and do it... it's so flattering that he is even wanting to put the time into it, but my head tells me that we need something in writing to protect both of us.


Both of us are new at this thing, neither one of us has released anything with a cover song on it before, and neither one of us has had one of our songs covered on a commercial release, either.


Okay folks, if I can't count on you to point us in the right direction, than I don't know who I can count on.


I am a BMI-affilliated writer, but am not signed up with any publishing company.


Is there a standard contract for this sort of thing that just kinda covers it all on a basic level that will keep either of us from being screwed in the future?


Thanks so much!

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