I have been approached by another designer to use some existing artwork of mine for an invitation and program cover for a musical fundraiser event. It is a vector piece and a slight alteration would have to be made (by me). I am waiting to hear back from him on the specifics for the event.
I will not be present at the event.
What kind of things should I be including in a contract for this?
Also, how much to charge for renting out the 1-time usage rights of an existing piece?
"We will be printing 3000 invitations and I was thinking about using the illustration full bleed on the front cover. I’m guessing they will print about 500 program covers maximum. There will be type on the cover—the name of the event and the group name.
They are a non-profit, classical vocal ensemble and are always watching costs."
There are all sorts of ways to price this out, and usually for any questions regarding pricing out any client work, I suggest the Graphic Artists Guild Pricing and Ethical Guidelines Handbook. It's an excellent resource for pricing out jobs, and it covers usage rights/fees. That said, for small(er) clients, it might not be appropriate. Correct me if I'm wrong, but this doesn't sound like a large event/client, so you might just have to work with them and see what their budget is (it's ok to ask) and if it will work for you. Note in-general though, any job that promises exposure, tends to only lead to more jobs that promise more exposure.
Since it is for a non-profit group, charge them a bit lower than the standard rate and make sure to emphasize that it is only for a one-time license. Also, this exposure could lead to more jobs in the future so you may want to ensure that the other designer won't be getting the credit for your work.