Legal document should be interpreted / explained / executed by legal specialist.
The following is my understanding as a layman:
(1) This agreement shall be binding upon the parties, their successors and assigns; AND
(2) This agreement shall inure to the benefit of the parties, their successors and assigns.
本agreement对the parties, their successors and assigns具法律约束力, 并保障该等人士之benefit. (agreement, parties, successors, assigns, benefit 有中译, 但理解有点复杂。 例如 benefit不局限于金钱, 可以是权利(right)、特权(privilege, 如优先分销、特别否决权)、个人榮譽、品牌商譽等, depends on the content of the agreement )
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