Retaining rings, also known as snap rings or circlips, are versatile fasteners used to secure components onto shafts or within bores. They feature a simple yet effective design, typically consisting of a flexible metal ring that can be snapped into a groove or recess on the mating part. Retaining rings provide axial or radial retention, preventing unintended disassembly or movement of components in various mechanical assemblies and equipment, thereby enhancing safety and reliability.