[brudgers]

There's a lot to be said for just sticking to your standard form of agreement.

Taking a project on spec is basically making a loan. Makes sense when there's collateral (or if you're a bank).

When your work product has no value to you, then there's no collateral.

There's no reason to formally "pass." Just propose on terms that meet your goals.

If they take it, you'll be happy.

If they don't, you have still been responsive and that will leave the door open.

Good luck.