Early Binding: Events occurring at compile time are known as early binding. In the process of early binding all info which is required for a function call is known at compile time. Early binding is a fast and efficient process. Examples of early binding: function calls, overloaded function calls, and overloaded operators.
Late Binding: In this process all info which is required for a function call is not known at compile time. Hence, objects and functions are not linked at run time. Late Binding is a slow process. However, it provides flexibility to the code. Example of Late Binding: Virtual functions.