One thing to watch out for is to make sure that you respond quickly. I have pretty much the same thing put into my contract at my current company, but I didn't

One thing to watch out for is to make sure that you respond quickly. I have pretty much the same thing put into my contract at my current company, but I didn't put in a deadline for how long they could take to respond. This resulted in most responses getting back to me many months to a year later and in one case being strung along and never replied to. This has killed many personal projects before they even get started and killed off existing projects I used to contribute to.