The first most important thing to do is make sure you get exclusive rights to the product your coder develops, so he/she can not just redistribute the modification to other parties.
In regards to another board 'reverse-engineering' your custom modification, it is always a possibility. A forum owner can simply go to a coder and hand a specification list of what he/she wants based on your custom modification, and if the coder has the capabilities, it could easily be replicated.
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