It is expressly agreed between the parties that Assignor shall indemnify and hold Assignee harmless from any claims, expenses and liabilities, including but not limited to ad valorem taxes, arising out of the ownership and operation of the properties described on Exhibit A, which are incurred prior to the effective date of this Assignment and Bill of Sale. Such claims shall include any oil and gas produced there from and any claims with respect thereto for any reimbursement or other compensation in respect of the sale thereof. As used in this paragraph “claims” shall include claims, demands, causes of action, liabilities, damages, penalties and judgments of any kind or character and all costs and reasonable attorney fees in connection therewith.
This Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective successors and assigns.
What does this mean?!? I am confused on my contract here someone please explain more about this situation please