A binding is the mechanism used to provide values for parameters of specific IComponent instances. The component doesn't care where the required value comes from, it simply requires that a value be provided when needed.

Bindings are set inside the containing component's specification or template. Bindings may be invariant or dynamic (though that is irrelevant to the component). Components may also use a binding to write a value back through a property to some other object (typically, another component).