Can anyone tell what 1.5 points might equal to in a recording contract. Per song

A point is a percentage... 1.5 points is 1.5% of the amount. There is a Whole Lot more to a recording contract beyond this, so I can't really tell you too much without additional info...
Take a look at my profile, if you like.

Is this just on sales, what does it pay if there is remix, does it pay anything for each play ( that is where a lot of money comes from it the music gets used for a theme or gets radio play)

And is this of gross or net ?

Oh boy... there is So much to tell here that it's hard to know where to begin! And there is a difference between a Recording Contract and a Publisher's Contract. I've known some artists who probably couldn't rhyme two lines unless it was written out for them. But they sure can sing! BTW, there's some seriously huge money in song writing. If you check out The Beatles, you'll see where Lennon and McCartney made the big money due to their writing skills while Harrison made considerably less and Ringo... well he didn't write so?
Now just a quick note to Fr_Chuck: you're absolutely right (as always!) about the money from TV and Movie 'themes'. And this breaks down into sub-categories between music featured in the opening credits or if it's buried behind dialog and how many seconds of time it's in the production and so on.
So without more info, I can't tell you too much more here - it's just so involved. Just keep in mind the first thing I learned way back in the 1960's: The money is in Publishing!
Hope some of this was informative, and if you do an Internet search you can get a lot more info. Be sure and check out ASCAP and / or BMI which are performance rights organizations for more info (I'm a member).

Oh! And never forget that there is absolutely never a "standard" Standard Contract! LOL Beyond that, get a GOOD music attorney - not someone who doesn't work in the biz!

And of course be sure to have all of your music copyrighted, also.
And yes ASCAP and BME are to groups any professoinal has to be with.

It comes from a lot of bad mistakes, I was with a group years ago in the 70;s and a couple of the very well known christian folk music could have made us rich, well it didn't but it did someone.

I'm really sorry to hear that - and yes, it sadly happens all the time! And the old 'common law copyright' just doesn't do it anymore. People (writers) need to spend the money to register their works with the Library of Congress! And one more thing... a good example of fairness in this biz are the members of The Doors. Check out how the albums all say "words & music by The Doors". Each member of the band receives royalties from the works - not just the main writer! Now that's an amazing deal! It also tends to lessen the inter-group tension. There's nothing quite like one guy or girl writing the music and driving a Ferrari while the drummer is making union scale and has a beat up Buick (no offense to Buick owners, please! LOL).