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The "getting signed" concept - I need insight
Well, it's finally that time for me when I'm starting to think if my music could actually bring in a dollar or two. Me and a friend of mine are working on some tracks (his track, actually, I'm doing a remix of it) and the plan is to send it out to a couple of places for some feedback, and hopefully someone will like the tracks 
The thing is, I have no clue what I'm getting into. I don't know how the whole process works, so I was hoping that you guys could share YOUR experience.
Mastering - something that we need to take care of, or something that the record label should manage?
Contracts - am I selling a track or am I selling my soul? Is it normal for labels to put you under contract, such as "you now belong to this label and are not allowed to publish your work anywhere else" ?
Foreign labels - I'm from Iceland and my friend is from Spain, not many trance labels in these countries, so we're looking towards germany, U.K., Holland, etc. for labels. Is this something that could complicate things alot, payment- contract-vise, and legally?
any and all insight would be very helpful, whether they be horror stories or stories of fame and success (and also, note that we have not yet sent the tracks out, they are still work in progress)
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