What is the proper way of defining a date field?

This one is actually both a question and its answer. I just received a question from an integrator who is trying to define a date field. Other topics probably cover this but I thought I would take a minute to create one dedicated specifically to this topic. Bound fields are a little tricky. A date field looks like this:

{
   "top": 319.8,
   "left": 373.1,
   "width": 261.3,
   "height": 98.8,
   "page": 0,
   "type": "INPUT",
   "subtype": "LABEL",
   "value": "MMMM dd, yyyy",
   "binding": "{approval.signed}"
}

Bound fields are actually "INPUT" fields of subtype "LABEL". It is the "binding" attribute that determines how eSignLive will populate the field. Possible values are {approval.signed} : signature date {signer.name} : signer's name {signer.title} : signer's title Etc.