Runtime and compile time are programming terms that refer to different stages 
of software program development. Compile-time is the instance where the code 
you entered is converted to executable while run-time is the instance where the 
executable is running. The terms "runtime" and "compile time" are often used by 
programmers to refer to different types of errors too.

[http://net-informations.com/python/iq/checking.htm](http://net-informations.com/python/iq/checking.htm)

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