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Fee for Structural Design on Manufactured Product

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I've been approached to design the housing and mounting brackets for a
product that will be manufactured.

The design effort is modest (3 days, tops).  But the continuing liability
on *all* those products is giving me pause.

My inclination is to propose a continuing fee (for perhaps 3 years) based
on a percentage of sales of this product.

Do you think this is the correct approach?  If so, any ideas on percentage?
 If not, any other suggestions?

Thanx,

Fountain E. Conner, P.E.
1724 Beaver Pond Rd.
Gulf Breeze, Fl. 32561
   Phone 850-932-5547
   Fax      850-934-1916