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The typical things, IP protection, confidentiality, code ownership rights, payment terms.

Do you use oDesk for all your development work? The "timeclock" feature they have seems valuable. Is it worthwhile enough to bring an outside developer, one you haven't worked with before, into oDesk to work together?

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Probably not. I think it depends on where you find the developer from. If it is a recommendation from someone, you might not need to get yourself protected via oDesk.

I think it really depends on how comfortable you are with taking this kind of risk, and how much effort/money you want to put into mitigating them.

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