The difference is as follows:
Specific guarantee
This is concerned with a precise amount and ceases to be effective when the refund is accomplished.
This guarantee is provided in consideration of a single debt.
The liability of surety is finished as soon as debt is paid.
Continuing Guarantee
Guarantee is suitable for a fixed time and amount.
Guarantee is provided in respect of numerous transactions for some period.
The surety's liability would resume till all transactions are conducted.