There's a comment on the post about Gather.com's invitation to send pages.
If you win you have to sign a standard publishing contract.
I'm not sure, but I don't think anyone can legally force you to sign a contract. You might not "win" if you don't, but if the contract requires a kidney and Miss Snark's private telephone digits, I don't think they can force you to sign.
Also, it doesn't say you can't negotiate the deal. You read the contract, you suggest some changes, see what happens. It also doesn't say you can't have an agent, or a contract review specialist on your team.
Touchstone is part of Simon and Schuster and almost every agent in town has their boiler plate in a file cabinet somewhere. I know I do. I'd post the damn thing but it's on paper, and I'm not retyping 26 million pages for nuttin.