I would not get the project file which has the final eq's, automation etc. Why does that not belong to me?
Arguably it belongs to the person who created it. You created the original tracks, so they clearly belong to you, but any work he did to modify those tracks is his original work. He can't create his work without your permission as it is a derivative work of your original tracks. But you can't use his work without his permission, since the processing he did creates a valuable new sound (or you would not pay him to do it). The nature of the relationship probably gives you the right (implied license) to publish his final mastered version, but if you really wanted to be sure that you could produce a record or upload the finished product etc. without his permission, you might want to get a written statement to that effect in your contract with him.
Even better would be a contract that specifically states that he is doing his modifications to your tracks as a "work for hire." If the written contract uses those exact words, and is signed before he commences any work on the project, then he would have no ownership in the project at all. You cannot claim a work for hire under an implied or oral contract.
But even given that the final product is a work for hire, there is some ambiguity as to who owns the intermediate product, i.e. the files that contain his tweaks. I have seen quite a few consulting contracts that specify not only that the final product (report etc.) belongs to the client as a work for hire, but that any and all notes, recordings, communications in writing or orally etc. etc. related to the project belong to the client. Without such language, the consultant could argue that he is only being hired to create a final report, and that other potentially valuable work produced as part of the project, but not included in the final product, was his property.
This is a slightly different issue than the case of the wedding photographer, who creates his photos from whole cloth as it were. Absent a "work for hire" clause, the photographer is the sole artist/creator, and owns the right to make any copies of his photographs under copyright. Many pro photographers will enforce their copyright and charge you for extra prints. He would even have the right to stop you from making color xerox copies of the wedding photos you have already bought, or uploading them to a file sharing site, unless such permission is granted in your agreement with him. Although there is no derivative work issue here, the rights of the creator of a derivative work are similarly protected.