Suretyship vs Guarantee - What's the difference?
suretyship | guarantee |
(legal) An accessory agreement through which a person binds themselves for another already bound, either in whole or in part, as for their debt, default or miscarriage; the assumption of liability for the obligations of another.
*, vol.1, New York Review of Books, 2001, p.290:
*:as a man desperately swimming drowns him that comes to help him, by suretyship and borrowing they will willingly undo all their associates and allies […].
Anything that assures a certain outcome.
A written declaration that a certain product will be fit for a purpose and work correctly.
A person who gives such a guarantee; a guarantor.
The person to whom a guarantee is made.
To assure that something will get done right.
To assume responsibility for a debt.
To make something certain.
As nouns the difference between suretyship and guarantee
is that suretyship is (legal) an accessory agreement through which a person binds themselves for another already bound, either in whole or in part, as for their debt, default or miscarriage; the assumption of liability for the obligations of another while guarantee is anything that assures a certain outcome.As a verb guarantee is
to assure that something will get done right.suretyship
English
Noun
(en noun)See also
*guarantyguarantee
English
Noun
(en noun)- Can you give me a guarantee that he will be fit for the match?
- The cooker comes with a 5-year guarantee .
- (South)
Verb
(d)- The long sunny days guarantee a good crop.