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Surety
Practical Law UK Glossary 4-202-2767 (Approx. 3 pages)
Glossary
Surety
A term generally used to refer to a person who undertakes to satisfy a payment or performance obligation owed by another person to a third party.
A surety may give security over some or all of its assets in support of the undertaking in favour of the third party.
A surety is frequently referred to as a guarantor if the undertaking to the third party is unsecured.