THE RADIANT JUSTICE CHAMBERS, OBAFEMI AWOLOWO UNIVERSITY SURETY Surety (pronounced as /shuor·ruh·tee/) is defined by the Black’s Law Dictionary as "a person who is primarily liable for the payment of another’s debt or the performance of another’s obligation". The party that guarantees the debt is referred to as the surety, or as the guarantor i.e someone who assumes direct liability for the debt, default or other financial responsibilities of another party. A surety is often used in contracts where one party's financial holdings or well-being are in question and the other party wants a guarantor. Surety bonds are financial instruments that tie the principal, the obligee—often a government entity—and the surety. A surety bond is a legally binding contract entered into by three parties—the principal, the obligee, and the surety. In the case of bail, the surety undertakes to provide security for the release of the defendant on the promise that the defendant will ...
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