The binding provisions may be terminated by mutual written consent of the parties
This means that you and the company can let each other off the hook, if both of you agree. This is pretty meaningless, since that is naturally something that's possible.
Provided, however, that the termination of the Binding Provisions shall not affect the liability of a party for breach of any of the Binding Provisions prior to termination.
If both you and the company agree to let each other off the hook, you are letting each other off the hook for things you do afterwards. If you do something that violates the contract, and then later get the company to terminate the provisions, you're still on the hook for what you did before the company agreed to the termination. This, again, is literally meaningless; any provision can be modified with mutual consent, so if you and the company wanted to release each other for things done before the release, you can still do that. However, it does have the effect of making this the default. So if you and the company agree to a release, and the release does not specify whether it applies to past acts, then the company can point to this provision to say that the release does not apply to past acts.
So this part of the contract isn't important so much for your decision now whether to sign the contract, but if the contract is ever terminated, this part of the contract will be important to keep in mind in interpreting what that termination means.
BTW, you mentioned a noncompete clause. You might want to look into whether that's enforceable in your jurisdiction. Many places have laws or court rulings limiting the enforceability of such provisions.