This podcast was centred around contracts - which sounds pretty daunting to me! Joshua and Kevin said it was vital to have a contract as you never know what sort of mess you could get into. It also makes you appear more professional which in turn could get you more work.
You should spend time making a standardised contract which you can then adapt for different jobs. A contract makes things easier in the long run and it's always best to be prepared. The guys said that contracts are standard now in any profession and a client who doesn't have one is not someone you want to work for.
They advise you to keep a contract simple but comprehensive - you don't want to scare clients away with loads of legal jargon! You can always check with the client or a lawyer if there's something you don't understand though.
They also explained that work for hire means you assign the authorship of an image over to the client which means you wouldn't get any extra money if it went global - be careful with that!
Kevin said when coming up with hourly rates in a contract to make sure you add extra time for research and preparation - you always take longer than you plan and you don't want to work without being paid the appropriate amount.
Another essential thing to include in your contract is a kill fee. It's basically for when a job gets cancelled you are still paid - usually around 50% of the originally agreed fee.
Best get cracking with a contract then!