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I am sure you would hear various opinions but you should not let others influence you easily. It doesn't matter whether the opinions would be negative or positive. Take into consideration several things. First, make sure to read the contract and understand the responsibilities - yours and these of your employer. Once you are clear with what is written - assess it. Cons and pros?
Second, evaluate your current situation. Are you unemployed? Do you consider taking novel writing as a part-time job or making it full-time? The additional cache is good but you should be sure that you can fulfill your responsibilities. Imagine you have to juggle with several things at once and feel the pressure of the quota you should be writing if you want to keep up. It can easily turn from pleasure to hell.
Third, do some research in the field. (:
What I am trying to say is, given your circumstances, supposedly you lean more to signing the contract, can you make it? Is it worth it? What can it possibly cost you?
I might make it sound a big deal but do not jump something that you are not completely clear about. Therefore, the first step is understanding the contract to its devil details.