What does "exclusive rights" mean?

I'm doing more in terms of freelance photography work this year and just came across publication that is requesting "exclusive perpetual rights" to my images they buy for a one time cost.

Is that normal to have exclusive rights?  I have a high level understanding of what this means, however if I do understand this, that means I can't resell the image again.  Which also means I might want to increase price tag of what I'm selling my images for.

Please give what ever input you can on this.  Thank you!

P.S.  Happy New Year!!  

You're on the right track as far as what it means. Exclusive use means they would own the photo and they (and ONLY they) can use it from now on. Perpetual means you can never, ever use it again for any other purpose. They can use it how they want, as often as they want, and will be the ones from now on making money from using the photo.

That isn't a typical practice for a publication because for editorial use (such as published in a newspaper or magazine), a contract is usually for a specific time frame and specific purpose. What is this 'publication'? Is it online only? does it have writers, editors, a publisher or publishing company? If it's offering a contract to license usage and pay you, then maybe it's legit.
(If not, many websites are out there that present themselves as publications/magazines but are only websites done by one person, with possibly some tech staff, and 'user submitted' articles and photos that anybody can submit and the site uses for free.)

That exclusive practice is done more in commercial work, where the company could use the photo for years to come for a variety of purposes, such as in magazine ads, commercials, on their company website, etc. I took photos for a local team for marketing purposes, often of the arena sponsor signage, backlit signs, etc. I would not have had any other use for many of the photos (except maybe portfolio use); for example, a photo of a sponsor's trademarked logo on a sign, that's the type thing that could be exclusive (because I couldn't have used it for another company).

Get on pro photographers organization websites like PPA or asmp.org and learn how to license usage for commercial/business use. ASMP has done webinars; I have a couple of their books on business practices. It's going to be necessary to know this stuff so you don't get ripped off. Get informed so you can make solid choices and protect your work and get an appropriate value/payment for your work.

WOW, thank you for the detailed response.  I'm so glad I posted this!   Great advice, I will gladly accept!  

" Exclusive use means they would own the photo and they (and ONLY they) can use it from now on. Perpetual means you can never, ever use it again for any other purpose. ".......

That's the fact.

What they said, above.

You'll need to price accordingly, so do your research.