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I think you're right. Based on your opinion and the others here, I starting to think structuring it will be more hassle and cost (time and money) than it will be worth.

Might consider just a billable rate to get some cash reserves and build the relationship, but may just pass and cite bad timing. Thanks for your input!

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There's a lot to be said for just sticking to your standard form of agreement.

Taking a project on spec is basically making a loan. Makes sense when there's collateral (or if you're a bank).

When your work product has no value to you, then there's no collateral.

There's no reason to formally "pass." Just propose on terms that meet your goals.

If they take it, you'll be happy.

If they don't, you have still been responsive and that will leave the door open.

Good luck.

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