Surety
Contract Law

A term of some antiquity, but still in common use which refers to a person who is liable for the payment of another’s debt or the performance of another person’s obligations in the event of a failure to perform or some other condition subsequent.

A surety differs from an insurer in that they do not receive remuneration for their assumption of obligations or liability; he also differs from a guarantor, as a guarantor is liable if the debtor fails to discharge their obligations - the surety is primarily liable on the same instrument as their principal.