I find it strange that they mention this right away:
"A reversion clause will not be added to the Purchase Contract."
I mean, I heard this one was hard to get in the first place, but dang, they point straight out that "If I buy your hard-work, you're never getting it back no matter what, even if I let the screenplay sit for the next 50 years".
So not only is this contest expensive to enter (and I hope that you guys spread the word about this "contest" if anyone ever needed a "live example" of a scam, here's one), but if you "win", not only do you get very little money (which I'm sure will be scale of the WGA MBA), but you also sign away all your rights to your screenplay, so damn if you wrote the next Star Wars, Harry Potter, or LOTR script.
Speaking of which, isn't there a contest in Hollywood called "Submit your script to producers"? With the grand prize of "winning" being your script gets optioned/purchased (and hopefully legitimately)? I think I'd rather enter this contest than that one posted here lol.