SURETY

Surety

A surety, surety bond or guaranty, in finance, is a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. The person or company providing this promise is also known as a "surety" or as a "guarantor".

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surety

Noun

  1. certainty
  2. That which makes sure; that which confirms; ground of confidence or security.
  3. A promise to pay a sum of money in the event that another person fails to fulfill an obligation.
  4. A substitute; a hostage.
  5. Evidence; confirmation; warrant.


The above text is a snippet from Wiktionary: surety
and as such is available under the Creative Commons Attribution/Share-Alike License.

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