Is this company a staffing firm?

This appears from a staffing company. You do just as what Laotu said, cross it out, tell them firmly "I can't accept such a term".

In non-employee contracts, whenever I see such a term, I always tell them clearly that such a slave term is unacceptable. Not only crossing that out, also insist I to add terms to protect my interest, such as "in the event of disputes and case is submitted to court proceeding, the losing party is responsible for all leagal costs, including but not limit to, court fees, lawyer and service fees...."

Quite often, some small thug companies do not pay in time or try to get away with it. Be aware.