An individual or a company that, at the request of another usually called the principal, agrees to be responsible for the performance of some act in favor of a third person in the event that the principal fails to perform as agreed
Security against loss or damage; security for payment, or for the performance of some act
(1) A term loosely used to describe the business or suretyship or bonds Suretyship is an arrangement whereby one party becomes answerable to a third party for the acts of neglect of a second party; (2) The party in a surety arrangement who holds himself responsible to one person for the acts of another
{i} certainty, assurance; something that is certain; guarantor; pledge, guarantee; guarantor, one who gives a guaranty or security, warrantor, person who provides a guarantee to another
(1) A person who agrees to be responsible for a debt or obligation of another (2) The pledge or agreement by which one undertakes responsibility for the debt or obligation of another
a prisoner who is held by one party to insure that another party will meet specified terms
A surety is money or something valuable which you give to someone to show that you will do what you have promised. The insurance company will take warehouse stocks or treasury bonds as surety
One who undertakes to pay money or perform other acts in the event that his principal fails therein
The person who promises to pay money in the event the principal (i e , the person conditioned to perform) fails in the performance of certain duties or acts EXAMPLE: A is arrested and his bond is $10,000 B signs the bond, guaranteeing A's appearance in court If A fails to appear, then B, as surety, must forfeit $10,000 (B has recourse to seek recovery from A)