A more thorough explanation:

Stipulation is an agreement or condition that is binding between two parties. It can be a fact, promise, or provision in a contract that both parties agree to.

For example, in a contract for the sale of a car, a stipulation could be that the car must pass a safety inspection before the sale is final. This means that both the buyer and seller agree that the sale is contingent on the car passing the inspection.

In legal proceedings, a stipulation is an agreement between opposing parties about a relevant point. For instance, in a lawsuit, the plaintiff and defendant may stipulate to certain facts to avoid a lengthy trial. This means that both parties agree to the facts and they become binding without further argument.

Another example of stipulation is in admiralty practice, where it is used as a recognizance like bail for the appearance of a defendant. This means that the defendant agrees to appear in court and fulfill their obligations, or they will forfeit the stipulation.

Overall, stipulation is a term used to describe an agreement or condition that is binding between two parties. It can be used in contracts, legal proceedings, and other situations where an agreement is necessary.