What Does Late Binding Mean?
Late binding is a runtime process of looking up a declaration, by name, that corresponds to a uniquely specified type. It does not involve type checking during compilation, when referencing libraries, including an object, is not required.
Techopedia Explains Late Binding
Because of dynamic linking support through late binding at runtime, a process can continue execution, even if a dynamic link library (DLL) does not exist, by taking an alternate execution path after checking for availability. Late binding facilitates working with generic types, which means that the same type for assigning different objects may be reused. Late binding forms the basis for potential polymorphism.