Bailment Legal Meaning and Definition

Here is a simplified definition of the legal term Bailment.

(n) Bailment:

It is the temporary transfer of a property from one person (the bailor) to another person or entity (the bailee), for safeguarding or other specific purposes. The bailee is entrusted with the responsibility of caring for the bailor's property, often for a fee, although unpaid bailments are not uncommon. It's a legal relationship established through a contract, where the bailee is expected to return the property to the bailor once the purpose of the bailment is fulfilled. This action may impose liability upon the bailee in the event of damage, loss, or destruction of the property during the tenure of bailment.