I'm not a lawyer, and it looks like "Services" and "Intellectual Property" may have been defined earlier in the contract and you didn't include the definitions given; but the short of it seems to be that if you make something (a design?) for this employer that incorporates another, earlier work you've got the rights or a license to, your employer gets the broadest possible license, permanently, to that other work.

E.g. if you've previously designed a character, Ally the Alligator, and make a design for this company that includes Ally, you grant then a broad license to Ally, permanently.

This isn't my field, so I can't say how common this is, but it doesn't sound unreasonable to me. Don't use other IPs in work you do for this company.

You can probably pay an IP lawyer for a quick contract review and opinion if you're worried.