The blog Two Ends of The Pen put up this wonderful post a few days ago and I think it gives some incredible insight into what to watch out for.
There are 14 tips listed, all very fascinating and things I probably wouldn't have realized on my own. The one that really stuck out to me was making sure the contract has a publication time limit, because if not they can sit on it for years without doing anything to it and you, as the author, can't do anything about it. Your beautiful project might never see the joy of being a published piece.
If you want to check out the other 13, please check out the post. I found it to be really interesting and should be extremely useful to anyone who's looking for a publishing contract.