Bailment: The legal operation whereby a person (the ‘Bailor’) provides assets or property to another (the ‘Bailee’) for an agreed period with the intention of receiving them back in the same condition at a later date. This arrangement is usually used in order for the Bailee to carry out some service or obligation on behalf of the Bailor. For example, storing a valuable item in a bank vault or lending money to someone with security over a property or asset.