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Term: Letter Bond

A letter bond refers to a type of written agreement, often used in business or legal settings, that serves as a binding contract between two or more parties. It outlines the rights, responsibilities, and obligations of each party involved in the agreement.

• After months of negotiation, the two companies finally reached a letter bond, sealing the deal for their partnership.
• In order to protect the interests of both parties, it is crucial to carefully draft and review the terms of a letter bond before signing.
• The letter bond clearly states that any breach of the agreement will result in severe penalties.

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