Bands are ephemeral beings at best. :/ Sooner or later a band is going to record a CD with you and break up 2 days before you give them their product. Since they aren't playing out anymore, they'll never sell those damn things and you're left with 1000 expensive coasters!
How about approaching the contract from the other direction: have the band pay in advance, and write the contract so that they are sure you will perform the services? Break the recording process down and set fee amounts for each. Decide which fees are refundable and which fees they pay whether they cancel the recording session or not. Put the advance money in a special savings account and pay yourself as you perform the services. Keep strick records to show that you never pay yourself until you do the work. (This is how lawyers are supposed to work.)
For example, you might decide to charge them for studio time whether they show up to use it or not, since you can't rent to anyone else at the same time. You should decide what services are included in "studio time" - tapes? a recording engineer? microphone rental? coffee? Should the mixing fees be refundable, nonrefundable, or a combination of both? What other steps are there? What will the band have at the end of the recording process? How many master copies of the CD? Do they get the raw tracks also? Do you print the CDs for distribution or job it out or just give them the masters? If you provide the mixing engineer, do you have any copyrights in the final product or do you grant your rights to the band on final payment?
What do you NOT guarantee? What happens if your equipment needs repair during a session? How do you refund the band's money or reschedule a recording session? What happens if the band provides some equipment and you provide the rest? What if a band member damages your equipment? Or you damage theirs?
How do you get paid? Do you give the band an estimate and require 100% up front? 50%? If you don't get paid in full before giving them the masters, do you get a lien on the proceeds of CD sales until you are paid in full? Do you hold the recording engineer's copyrights until you're paid? (If you subcontract any of the work, absolutely make the band pay the sub's fees in advance. You don't want to get in the middle of a bad situation.)
Make sure all members of the band are "jointly and severally liable" for any and all contract fees. This way you can go after the ones with day jobs for the unpaid bills.
Also, do you want arbitration or mediation? (I prefer mediation myself. If the 2 sides can't mediate a settlement, they won't accept an arbitrator's decision either.)
Spend some time thinking about different ways to solve problems and prevent other problems from occurring. Don't stop when you've solved the initial problem. Ask yourself, "Well, if A happens, then what do I do about B and C?" Draft your contract to be clear and easy to understand. Don't worry if it's long. Often, a clear contract is longer than a contract with lots of boilerplate and half-solutions.
Next, visit some other recording studios and get copies of their contracts. (You may need to pose as a band member here.) Compare what you wrote with what their lawyers wrote. Address the issues you didn't think about and pat yourself on the back for solving problems the overeducated twits didn't even consider.
You can do it!
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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.
