You aren't going to be paid anything... Not a penny...
Even if the contract makes no mention of payment...

(And this is where the area kinda greys out...)
For a work based placement?

Is their any Legislation in place?

As you are all aware, the employer in a Work-For-Hire contract owns the copyright to any works made for them.

So my question is...

What are the guidelines, stipulations or legislation for a Work-For-Hire contract.