The service element is used to describe the endpoints, which are locations on the network from where the web services can be accessed. The endpoint child element, also known as the port child element, specifies the network address to bind the web service. The binding attribute of the endpoint child element specifies the binding.
In the syntax for the service element and the endpoint child element, ServiceName is the name of the service and PortName is the name of the endpoint. The BindingName refers to the binding name defined in the name attribute of the binding element.
In the code snippet, LibService refers to the service name and LibServicePort is the endpoint name. The LibBinding refers to the binding name defined in the name attribute of the binding element. The soap:address element within the port states that the specified port receives SOAP messages directed to the URL as displayed in the code.