Bonds (whether administration bonds, marriage bonds, or any other kind) are normally in two parts – the ‘Obligation’, in Latin, and the ‘Condition’, in English. The wording is fairly standard for each diocese, with only the names, places, occupations and amounts being variable.
The point of this administration bond is that the signatories are undertaking to pay a penalty (£70) to the diocese if they do not complete the administration of the deceased's estate in accordance with the law.
Goldie has done the essentials of the English. Here is a translation of the Latin ...
Let all men know by these presents that we, Issabell Locke of Deeping St James in the county of Lincoln, widow, Gregory Stawper* of Corby in the same county, yeoman, and Edward Plumpton of Deeping aforesaid in the aforesaid county of Lincoln, baker, are held and firmly bound to the Reverend in Christ, Prince and Lord, Lord Richard, by divine providence Bishop of Lincoln, in (the sum of) seventy pounds of good and lawful money of England to be paid to him the same Reverend Lord or to his certain attorney, successor, administrator or assigns; for this very payment to be made we bind ourselves, and any of us, for the whole and undivided sum, (and we bind) our heirs, executors and administrators firmly by these presents. Sealed with our seals. Dated the [blank] day of the month of September in the year of the Lord one thousand six hundred and sixteen.
* - signed Stamp(er)