Spanish to English Law/Patents Real Estate Mexican deed

I am asking this question not because I don't understand "renunciando" but because I want to make sure that my use of "thereby" in this context is correct.

Original: Octava.- Para la interpretación y cumplimiento de este contrato, así como para la decisión sobre cualquier controversia que llegare a suscitarse con motivo del mismo, las partes se someten única y exclusivamente a las leyes y tribunales competentes de la ciudad de xyz, xyz, renunciando a cualquier otro fuero que por razón de su domicilio presente o futuro pudiera corresponderles.

My translation: EIGHT.- JURISDICTION.- FOR THE INTERPRETATION AND FULFILLMENT HEREOF AND TO DECIDE ON ANY CONTROVERSY THAT MAY ARISE AS A RESULT OF THEREOF, THE PARTIES SOLELY AND EXCLUSIVELY SUBJECT THEMSELVES TO THE LAWS AND COURTS HAVING JURISDICTION OF THE CITY OF xyz, xyz, THEREBY WAIVING ANY OTHER JURISDICTION TO WHICH THEY MAY BE ENTITLED DUE TO THEIR PRESENT OR FUTURE DOMICILES.