I would be careful, but if they say something about "your time" and stuff like that in relation to what you just said... be weary. If it's to confirm a non-compete clause that sounds alright to me. I signed a non-compete in relation to this sort of stuff and it seemed reasonable to me, so I did so.
However, if they start talking about time, resources, your time in the office (while you're a 9 to 5 or 10 till 6... well you get it -- standard employ), I would be careful. Use your good judgement.
I'm famous for not being owned... I found it really crippling. I need a lot more autonomy than normal, I think, but I'm not sure.
Oh, and I'm not sure if I have to write this... this is just random thoughts from a dev, not a lawyer. Definitely not a lawyer.
This is project-based, not time-based. Sometimes I have to work on company code off the clock - and it's still theirs.
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