what does surety mean
(November 2010). In finance, a surety, surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults.The person or company providing this promise is also known as a surety or as a guarantor.he surety transaction will typically involve a producer; in the United States the National Association of Surety Bond Producers (NASBP) is a trade association which represents this group.