> For the complete documentation index, see [llms.txt](https://docs.bondprotocol.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bondprotocol.finance/products/permissionless-bonds/issuers/vesting-type-and-duration.md).

# Vesting Type and Duration

### **Vesting Type and Duration Selection**

Issuers can choose between two distinct vesting types to tailor their bond programs:

#### **Fixed-Term (Instant, 7d, 14d, 28d, Custom Length)**

With Fixed-Term Bonds, bonders are provided an ERC1155 token representing their position and the underlying token is claimable after the chosen duration. Essentially, fixed-term bonds spread emissions across time. If a specific or longer period is required, issuers can opt for "Custom" and then set the desired duration up to a maximum of 270 days within the UI. 

#### **Fixed-Expiry (Custom Date)**

Fixed-Expiry Bonds vest at a predetermined date or timestamp, granting bonders an ERC20 token to represent their position. Fixed-expiry bonds operate similar to cliff-style vesting. When using the Bond Protocol frontend, fixed-expiry bonds must have a minimum of 3 days vesting and a maximum of 270 days vesting.

### **Short-Term vs Long-Term**

#### **Short-term bonds** span less than a month (7 days, 14 days, or 28 days)

* Ideal for swift asset acquisition, often at a relatively smaller discount compared to long-term bonds.
* Offers bonders their vested payout asset within a shorter time frame.
* Well-suited for projects with active liquidity mining programs, allowing a quick exit for LPs due to shorter vesting periods.
* Effective in managing emissions by gradually distributing rewards to the bond program, preventing abrupt liquidity declines.

#### **Long-term bonds** extend beyond two months (3 months, 6 months, or 9 months)

* Defers vesting to extended horizons, potentially demanding higher initial discounts compared to short-term bonds.
* Appeals to long-term aligned token holders and community members, providing an opportunity to acquire governance tokens at discounted rates.
* Ideal for treasury diversification, delivering stable assets upfront for operational expenses or growth initiatives.
* Requires more consideration regarding future token claims and potential higher initial discounts.