This consultancy agreement can be used for consultants or contractors who are acting as individuals, meaning they have not set up a company to represent them. Such companies are known as PSC's or Personal Service Companies.The contract defines typical commercial terms such as payment, term and termination as well as the assignment of IP to the company.
Companies defined as medium and large sized, as well as public authorities need to comply with IR35 to ensure the consultant should not be treated as an employee. For more information, see: https://www.gov.uk/guidance/understanding-off-payroll-working-ir35.
By default, contractors own the IP of their work under UK law. However, this contract assigns the IP of their work to the company hiring them.