surety
- A confirmation or guarantee provided as a security for the completion of a commitment or obligation
- An individual or entity who commits to be financially responsible if another person or entity fails to pay a debt or does not fulfill an obligation
- The contractor was required to provide a surety to ensure the project would be completed on time.
- If the borrower defaults on the loan, the surety will be responsible for making the payments.
- Since the tenant had poor credit, they needed a surety to sign the lease agreement with them.
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