Recognizance – in the legal practice, within the sphere of Court Trials this term details an undertaking before the Court. A participating party agrees to follow particular procedure (usually to ensure their participation in court hearing). Sometimes in Criminal Proceedings, the court pledges a sum of money (a deposit) to ensure compliance.
Or there could be another example. A person convicted of a small offense could be released from punishment if he agrees to follow particular behavior. He makes this recorded obligation towards the court. This obligation is called recognizance.
In addition, in the Litigation Procedures, a guarantee deposit may be given to the court in order to allow pre-trial seizure of assets of the defendant.
Synonyms are “bond”, “warrant” and “collateral”.