Legalities: Remixing a Band

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If you were to do a remix for a band, what is the professional way to do business with them?

I'm assuming if they are signed, it would be up to the label to decide on the contract and I would only be able to negotiate according to my clout.

If they are unsigned, what is usually a fair split of the profits and what should be stated in a contract?

Does anyone have any experience in this?
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Has anyone here done a remix for a band?
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