What does term "personal jurisdiction" mentioned in the below context mean ? Will I lose my personal assets in event of any disputes ?

Basically, there are two types of jurisdiction which a court needs to preside over a case, personal and subject matter.  Subject matter means that the court is empowered to hear the matter in dispute.  For example, a small claims court does not have subject matter jurisdiction over the probate of a will.  Personal jurisdiction means that the Court has jurisdiction over the parties themselves, because of their connection to the forum.  For example, if a New York individual or corporation (makes no difference) who/which has no contacts with Colorado (own no property there, never visit there, don't advertise or sell there, etc.) breaches a contract to perform gardening services in New York, the other party can't sue in Colorado because Colorado courts do not have personal jurisdiction over people (or entities) who have no contact with Colorado where the dispute also has no connection to Colorado.  The answer would be different if the dispute was over goods which you shipped to the other party in Colorado. By signing the above provision, you are agreeing to be sued in L.A. for any dispute relating to the contract.  I don't know whether you would lose any personal assets, but the answer has nothing to do with the above provision.  If you lose a suit which is against you personally, rather than, for example, against your corporation, and you don't pay the judgment, the winner will use your personal assets to collect.