Err... Not quite. If your making material for a larger corporation (bungie) usually your material is owned by them.
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The finished product is owned by them. It also depends on the contract you sign with the company. He may have all the rights to what he developed. On the other hand bungie May have those rights and the programming and are just a bunch of assholes who want money.
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That would be one hell of a contract.
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Yes it would but it's actually pretty common. Companies only care for the finished product. Its much harder to finish someone else's work.