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You definitely want clearly state what your responsibilities will be and what hers will be. To help limit some of the costs should the model bail, I take a smaller percentage and have her take care of the hosting and all credit card processors. And we also share other expenses.
I also get a deposit for the initial development of the site. The balance is pro-rated over a predetermined amount of time based on the site's revenue (eventually she will actually own the site). Having the model put up cash and having her be responsible for some large expenses let's me know who's serious and who's not. It also gives the model more control over her site (yeah... risky, I know) and when the contract ends and should she not renew, she still has a site. I know this approach isn't the norm, but it works for me.
The most important thing is to have a solid contract in place before you do anything. And even with one, there's still a risk of getting screwed over.
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