The deal as presented sounds a bit odd to me: First you write a
contract. Then you make and pay for the record and then if you are
lucky the company is good at selling it. During the year your hands are
tied by the contract.

As you are going to pay for the recording anyway, why not start there.
Write the songs and record them - then go around to several different
companies and see which can sell the record the best.

Only a thought.

Gunnar