Have you Registered the Song for Copyright? www.copyright.gov YES, IT IS COPYRIGHTED.
Who 'owns' Publishing Royalties? At what percentage? PUBLISHER OWNS THE PUBLISHING
Who 'owns' Songwriting Royalties? At what percentage? 50%
As the Songwriter you 'own' 100% of Publishing, and 100% of Songwriting.
The Publisher's incentive to pitch the Song is your 'assignment' of 'ownership' for Publishing Royalties, if any are earned, at some percentage agreed to by contract.
Is the Song title 'registered' with a Performance Rights Organization (PRO) meaning those 'owners' names are listed with the Song title for receipt of Royalties if any are earned when the PRO calculates it each quarter after it is 'cut' and 'released' to market? YES
The 'Reversion Clause' sets a date for when 'ownership' of Publishing Royalties, 'assigned' by the Songwriter(s) 'reverts' back to the Songwriter, freeing them to market the Song to another Publisher, and/or other artists. A specific date seems logical so there is no question of that deadline.
Having 'any' lawyer look the contract over might be beneficial. Entertainment law has nuances a lawyer who practices criminal law or commercial law may not be familiar with. But any lawyer might be better than no lawyer. While you're there you may want to talk about a Will, since your Intellectual Property, this Song, can be inherited by the persons designated in your Will. Ask about the fee to read through the contract, and to write a Will. See what you CAN afford.
Act quickly to keep the project moving forward.

This contract is a standard contract. Revision clause: 3 years from date it was signed then all rights revert back to me. My hopes is that this will open doors for me. As you know: the doors in Nashville have always been locked up tight.

https://donnadutchessmusic.com/
http://www.reverbnation.com/#!/donnadutchesssongwriter
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