Bond part's embracing belle periodically? Cool! (12)

I believe the answer is:

relationship

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'bond part's embracing belle periodically? cool' is the definition.
I can't tell whether this defines the answer.

'bond part's embracing belle periodically? cool' is the wordplay.
'bond part's' becomes 'rations' (ration is a kind of part. I am not sure about the 'bond' bit.).
'embracing' means one lot of letters goes inside another.
'periodically?' indicates alternate letters (letters must be selected 'every so often').
'cool' becomes 'hip' (hip can mean cool or fashionable).
The alternate letters of 'belle' are 'el'.
'rations' going around 'el' is 'relations'.
'relations'+'hip'='RELATIONSHIP'

Can you help me to learn more?

(Other definitions for relationship that I've seen before include "Emotional bond" , "Family connection" , "Connection, bond" , "Romance" , "Emotional association between two people" .)

I've seen this clue in The Telegraph.

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