Client Sent Their Own IC Agreement — Red Flags in the IP Clause

Looking for advice on this situation. Client Sent Their Own IC Agreement - Red Flags in the IP Clause Help?

Details: I'm in a situation where I need to understand my legal options. Has anyone dealt with something similar?

Update: Thanks everyone for the guidance. I consulted with an attorney and we're moving forward. The advice here helped me understand what questions to ask and what to expect. Will update when there's a resolution.