You'll always remember the exciting moment when you receive "the call" from your agent or the acquisitions editor. They want your story! But don't sign the contract right away (even though you want to). If you have an agent, their area of expertise is negotiating the contract to be as beneficial to you as possible. After all, their pay is dependent on your success. If you don't have an agent and desperately want one, you can email an agent with your contract offer in hand to see if they'll represent you, at least for that story. Without an agent, you're on your own for negotiating the contract, but you don't have to be. You can have an attorney—one who specializes in literary, entertainment, or intellectual property—review the contract for you.
The contract will detail which right(s) the publisher wishes to buy, such as e-book, print, or audio rights; media rights; game rights; language rights; world rights; and other rights. What you get paid depends on which rights you're selling, your level of fame, and your book's forecasted success.
One tip in negotiating your contract: ensure the contract includes a reversion clause. This clause details how you can get your rights back under certain criteria, usually after a certain length of time. Without a reversion clause, the publisher owns forever the rights you've sold to your story.
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