What does the following contract clause mean:

Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, legal representatives, successors and assigns.

My wife is afraid she will be in violation of the non-compete clause and conflict of interest clause if I were to die. She works for a company that sells equipment to and sometimes competes with the company offering the contract to me (as an individual). She cannot provide the services that I would provide under the contract.

I live in Colorado.