Ask HN:Confused About Contest Rules

I have been working on an Application (http://www.taggedback.com/) since Mid December. I recently entered it in a contest (https://microsoft.promo.eprize.com/myappisbetter/) Before uploading my work, I read through the rules again, and came to a confusing part. Here is the link to the full rules: https://microsoft.promo.eprize.com/myappisbetter/public/fulfillment/rules.pdf

The part I am confused about is on the bottom of page 2: "Uploading a Submission constitutes entrant’s consent to give Sponsor a royalty-free, irrevocable, perpetual, non-exclusive license to use, reproduce, modify, publish, create derivative works from, and display such Submissions in whole or in part, on a worldwide basis, and to incorporate it into other works, in any form, media or technology now known or later developed, including for promotional or marketing purposes. If necessary, entrant will sign any necessary documentation that may be required for Sponsor or its designees to make use of the non-exclusive rights entrant is granting to use the Submission. Sponsor is not responsible for lost, late, incomplete, invalid, un-intelligible or misdirected Submission, which are disqualified."

To me it sounds like uploading my App gives the Sponsor the right to do whatever they want with all of my hard work!

If that is the case, do I submit all of my hard work for the past 8.5 months to Microsoft?!? Any input would be appreciated! Thanks in advance!