A fair agreement between artists and contractors

A friend recently shared some language from an agreement for a competition that I thought quite appropriate to art and artists in Second Life:

"The organization has the right to use your submitted (content) for (X) exhibition(s). (X Company) may also use your work for marketing and promotional purposes directly related to (X Company) and (X) exhibition(s), with the (content creator's) approval and appropriate citation/credit."

This strikes me as fair to all parties concerned, and a good example of how a contract between an artist and an exhibitor/contractor should read.