Things you need to discuss:

• budget
• FINAL deadline - exact date of FINALS delivered to clients doors
• half-deadline - if the project requires revisions, when will the first one take place
• how much time does client have to give feedback
• if the clients is slow to respond, the FINAL is scratched
• how many revisions are provided for what price, what happens after the revisions are done and client wants more (1 revision by default, 1 extra paid, anything more goes hourly)

Exact words:

Number of Revisions "Unless stated otherwise, the client is entitled to # stages of refinements. Furthermore, any additional work beyond the services listed above will result in an added billing to the invoice."

Project Termination "Should the contract be terminated by either party, and bills are not settled, all work legally belongs to [studio name], and the client is not permitted to use the designs for personal or business use. Furthermore, in this event, any individual, including the client or another designer, is not permitted to recreate the ideas or designs that have been created by [studio name]."

Out of Scope "If the scope of the Project is altered significantly, [studio name] reserves the right, in their sole discretion, to amend the launch date to accommodate the changes to the Project. [studio name] also maintains the right to decline any work not detailed in the original quote requested."

Website Edits "The designer is not liable for damages arising from any edits, updates, or other changes made by the client to their hosting or site. If the designer is asked to assist in resolving such issues, the time spent will be billed at the designer's current hourly rate."

Ownership "Upon final payment, the client will receive all final file types and the right to display the graphics wherever the client sees fit. The client is granted full rights to do with the graphics as they please."