What does BAILMENT FOR HIRE mean?

BAILMENT FOR HIRE meaning in Law Dictionary

agreement where bailor agrees to cover a satisfactory recompense for safe-keeping for the thing intrusted to the custody for the bailee, additionally the bailee agrees to keep it and restore it regarding demand associated with bailor, in the same condition significantly as he got it, excepting damage or loss from causes for which he is not responsible. Arent v. Squire, 1 Daly (N. Y.) 350.