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Contract for hackers who hate contracts

This is a quick and dirty IP agreement to ink down some basic intellectual property arrangements related to a specific software project (hackathon, pair programming, etc). The goal of this agreement is avoiding future legal problems related to the ownership of code, while remaining sane.
Feel free to branch this document to add more provisions.
Huge credit goes to John MacIntyre and his inspiring post

This agreement is between Hacker01 and Hacker02. We agree as follows:
  1. Each of us, individually, is free to use any programming concept shared, discovered, or created during the TechCrunch Distrupt Hackathon 2012.
  2. Each of us hereby grants a full, non-exclusive, free license to the other to use any code or binaries from the above project. This means that each of us, individually, is free to use anything we create for the project above as part of a separate larger project with a significant amount of additional functionality. 
  3. In the event that the project above is successful, we'll take reasonable efforts to come to a new agreement with the goal of creating a separate entity to manage and develop the project further.

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This is version 1, from 5 years ago.

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