Suppose a poet is contacted by a composer inspired by his/her poetry, and they agree to use a few of his/her poems in the composer's new orchestral production (which will be released as a CD). They agree on a revenue split, and the poems are registered for copyright. The production company then needs a release note in which the poet grants the composer the right to use his/her lyrics/poems.
What does a copyright release note usually say in such a situation? What rights are typically being granted? Is it usually just the use of the poems for a production and release of a CD, or do they generally grant wider rights to the composer?
One can imagine being both too restrictive or too inclusive: a too restrictive grant may not be sufficient for all aspects of the production, while a too inclusive one may allow the composer to do more with the lyrics beyond the single production, without any extra compensation.
I suspect there may be some established practice about this, but since it's a pretty specific case, I haven't found any information online. Most resources detail more typical cases such as publishing lyrics in writing.
If someone can answer this, I would appreciate a reply using the industry terminology, for future reference.