Definition of term:: Loose-leaf
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The binding of individual sheets of paper in an exchangeable form, for pages to be added, removed, or relocated in the book. Loose-leaf bindings are used wherever records of repeatedly changing information must be kept. Instruction manuals, catalogs, and accounting forms are often loose-leaf bound. Also known as ring-bound.
Source: What bookdealers really mean. A dictionary by Tom Congalton and Dan Gregory (Between the Covers), with additions from other sources