Surety

Surety is a term used to describe a commitment made by one party to take responsibility for the performance or obligations of another party, in case the second party fails to fulfill them. Legally, a surety is a person or entity that agrees to be accountable for someone else’s debt or obligation, in case that person fails to fulfill their responsibilities. This can involve guaranteeing the payment of a debt, the fulfillment of a contract, or other duties. Surety is used in various contexts such as contracts, bail bonds, and financial transactions, to provide assurance and security that obligations will be fulfilled.