„Surety“

A bond or other security that protects a person, corporation, or other legal entity in case of another’s default in the payment of a given obligation, improper performance of a given contract, malfeasance of office, etc. The one who undertakes to be the surety is primarily liable in case of the default.

Source:

“Principles of Corporate Finance” by Richard A. Brealey, Stewart C. Myers, Franklin Allen. McGraw-Hill Education, 11th Edition, 2014.