Upon more thorough reading of the contract and doing some deeper digging into the company itself, I decided to give the opportunity a pass. It was not for fear of not being able to do the work mind you, but a million and one red flags were showing up in the contract, the company’s reputation, and so forth.
Thank you everyone who responded to this. Your advice was very enlightening. I now feel better prepared to apply somewhere more reputable. Have a nice day!