I mainly shoot for wedding and edit myself , but recently I'm planning to outsource the editing process. Since I've never done this before, I'd like to get some information on editing rate and how they are calculated.
I offer 3 version of edit, which is Highlight (3-4 Min) and Feature Film (15 - 20 Min) and Documentary Film (Over 1 hr ) for simple edit with chronological order. Highlight and Feature Film version is in the same category in terms of editing process, and Documentary Editing should be rated differently than other two film version, I believe. How is the rate calculated? Is it by the length of the finished film? or the editing hours that I takes? or the amount of footage? For highlight and feature film, the music license fee should be included in the edit? What is the general rate for each method of calculation?
Since I do color grading and do some after effects motion titling as well as some effects in the film, is there a much difference in rate if I ask those services for the finished edit?
How 's the revision policy? Can I ask the editor to revise the edit if the final edit is not satisfactory?
I apologize for unorganized list of questions, and I appreciate your input on this in advance.

John,
I've recently done freelance work for the following rates:
documentary = $250, takes about a day to complete, day to cull the footage
highlight (8 min) = $500 another couple of days to finish

First couple of edits he revised the edit to where he was happy, and gave me the lessons learned. Took about a month to get up to speed with his style. I can get them to about 90%, and the rest he tweaks for personal style.

500 for a 8 minute highlight seems like a pretty good rate.