Hello! Are you guys new to this kind of competition?
This kind of crap has been going on for years - I.E., have a 'Photo' competition where by entering you sign over the rights of the photo to some organisation. I think the big difference between this one and others, is that most of these comps are aimed at happy snappers, where's this one seems to be aimed at higher level entrants.
I remember one comp where my wife wanted to send in some pics (centro shopping centres I think it was) which had this kind of malarky in the terms.
Always, I repeat, Always read the terms and conditions of any comp - especially if the organiser is from the corporate side of the fence.