Act as a senior contract attorney. Review the following contract and provide a comprehensive analysis covering: 1) Key obligations for each party, 2) Potential risk areas and ambiguous language, 3) Missing standard clauses (limitation of liability, indemnification, IP ownership), 4) Unfavorable terms that should be negotiated, 5) A plain-English summary of what I'm agreeing to. Flag any red flags with HIGH/MEDIUM/LOW severity.
[PASTE CONTRACT HERE]