1) yes but was more than algorithms
2) If you're not realistic and being stupid with yourself and look at the amount of money that the industry has there's ($50bn) no legitimate way if I were to see your code would not steal it because I have "UNLIMITED RESOURCES". I'll first try using scare tactics of pulling out of the contract then if it's not good and I really want it I'll try putting you in a binding contract and litigated out of court and there by the time you realize all the shit that's happened to you you'll be with your head stuck up in to you know where writing a pity blog post. Whining about how the deal of a lifetime got away.
3) If a lawyer tells you that they can find a way to bind them in the contract they must have actual software experience must be experienced for 10+ years and must know IP patent law. (Last I checked you're not KKR).
"Yes I'm No I wont accept work"
If you don't want to believe what I'm telling you just look at the cases Java oracle case comes to mind so does the android source code and so on. Plenty of others.

SOLUTION:

1) DON'T BE A CUCKMINDED i.e. not Antifragile.

2) There's five of you so some of you might agree some of you might not you have to be joint in your decision and equally around because if you're not that's a weak link. THE ANSWER MUST BE NO AND SAID ASTUTELY. "NO" COMING FROM ALL OF YOU IN DIFFERENT WAYS THAT YOU'RE ABLE TO COMMUNICATE.
Where's case scenario if the industry has 50 billion I don't think you should have a hard time finding another potential even bigger customer in this field. (Speculation You're in the insurance business)

Other legal criteria:
They may try coercing you as far as compliance and legal statutory, regulatory factors are concerned to say that they want to see the source code. THIS IS ALL BULLSHIT TACTICS IT REALLY DOESN'T MATTER IF THEY TELL YOU SOMETHING ABOUT RACE AND DEMOGRAPHICS THAT JUST MEANS YOU HAVE A REALLY DUMB LAWYER ALL THESE ACCUSATIONS ARE BEATABLE DEPENDING ON PLAUSIBLE DENIABILITY AND THE WAY THAT THE ALGORITHM HANDLE IT AT THE TIME BESIDES NO ONE UNDERSTANDS IT. (Remember if it's not inherently and deliberately made by you & the "can pewter" made the decision i.e. the algorithm Made that presumption. there's really not shit that they could do to you).

In that case you can find a third-party which you should do a lot of homework on unbiased arbitrator (NO BIG FIRM WHITE SHOEBOX PROFESSIONAL SERVICE THAT THEY WOULD QUERY WHATEVER CODE THEY NEED THAT'S JUST A FANCY WAY OF HAVING SOMEONE ELSE DO THE STEALING FOR THEM)

To have a look at.

By the way you should put this in the contract if it ever arises and by the size of the company that you're referring to it sounds like that would be something I would do.

If it's your crown jewel protect it simple.

OPEN SOURCE LICENSE OR NOT THE PROBLEM WITH A LOT OF START UPS NOWADAYS IS THEY TRY TO BALANCE MORALITY WITH BUSINESS WELCOME TO THE NEW WORLD. Just because they make you feel bad doesn't mean that it's really bad.

Historical relevance:
Look at how the shell company was formed in order to compete with standard oil and how Rockefellers ROSE there was no sharing going on.

PS your welcome, pass it on.

And the only thing you need to know about the law is if I have enough resources the law doesn't matter and that's a fact in this country particularly when it comes to huge sums of money & tech. It's nascent and it's not really understood by a bunch of 80-year-old judges. Even the young ones don't.

With regards to the following comments please save that shit for your grandma I really don't care.
I don't even want an opinion. And No I'm not gonna be answering to this comment.

GodSpeed

ProTip

All five must be on board with this decision