Makes the agreement binding not just on the signing parties but on their heirs, legal representatives, successors and permitted assigns.
This clause makes sure the deal doesn't fall apart just because a party dies, a company is taken over, or the property or rights change hands to someone allowed to receive them. Their heirs, legal representatives and successors step into the same shoes and are bound by the same terms. Note it usually only covers *permitted* transfers — one side can't simply hand its obligations to a stranger unless the agreement lets them, and genuinely personal duties (like a specific person's skill) may still end on death.