I've been learning everything I can about photography over the past year and have just recently begun accepting paying clients. Up to this point, I've only shot portraits for friends and family.
This morning I receive an email from the Director of PR from the University I graduated from (B.A. in Education, not photography), saying that she had heard I had begun a photography business. She went on to say that their normal photographer was busy next week and offered me the opportunity to shoot a couple quick portraits of two different alumni at their place of employment (30 and 45 minute drives for me). She offered $150 for each photo. To me, that's great money considering I am just getting started. I know a lot of you may say I'm getting ripped, but I just don't feel that I have the portfolio or experience to even begin to demand more.
a) Is this a fair price considering my experience, or lack thereof?
b) Do I need to do anything as far as only releasing certain rights to the University to protect myself?
c) I assume there should be some sort of contract in place. Do I set this up or does the University?
Thanks in advance for your help. I'm thrilled at the opportunity, but I want to cover my bases and do this the right way.