The financial meaning of a bond is normally a debt/investment instrument issued by a company or country for a period of more than a year, with fixed interest rates and a firm and full repayment date. Typically a bond will pay a stipulated rate of interest at fixed times, and the debt is repaid at a specified time, i.e., the investor is guaranteed to be repaid the amount loaned/invested in full. More loosely the word bond can refer to a mortgage in some parts of the world, for example South Africa. A bond may also refer to a legal deed or agreement by which one person or party is bound to make payments to another; or to an insurance contract; or (notably in the US) to a sum of money paid as bail. The specific and more general meanings of bond logically derive from the older and original sense of bond, meaning fasten together, or the tie/festening itself.