How much should I charge for a freelance product photography shoot?

A friend of mine got a freelance gig doing the website of a bakery, and he asked me to give him a quote for an approx. 2 hour photo shoot of their products. I haven't priced freelance photography before. Since it's through a friend and I'm just trying to build a portfolio I was thinking $150 for the whole shoot and $20/hr if he wants any photo manipulation, resizing, etc. Just to give you an idea he was telling me that he thought it was crazy that some people charged $400 for half a day of photo services at his old job.

I'd want to draw up a simple contract, but I'm a little confused about licensing. Is there a term for the following:
- I will maintain the copyright.
- My friend and the client would be able to use the photos for any web or promotional content.
- I would prefer my friend doesn't have the rights to use this on future projects.
- I would like to be able to sell the images on stock photo sites.

Maybe its easiest to just add the above to the contract.

Find out what your competitors are charging, what is your cost of living, what kind of equipment are you using, how will the pictures be used, etc. Plenty of variables.

Here is a sample contract I just found with a quick online search. Maybe it has some answers for you.

http://www.godinavideo.com/pdf/photograp...

Prices are different all over the country. The best would be to find 2-3 local photographers, then call and get an estimate for that scope of work. Then you could offer him a discount based on the results of your findings.

A contract is a good idea, but don't be heavy-handed about it. You want this as repeat business, right? So the main idea will be customer satisfaction and building your portfolio, even if you can't sell the photos later.