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surety

n. a guarantor of payment or performance if another fails to pay or perform, such as a bonding company which posts a bond for a guardian, an administrator or a building contractor. Most surety agreements require that a person looking to the surety (asking for payment) must first attempt to collect or obtain performance from the responsible person or entity.

See also: bond  guarantor 

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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications

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