👉 Suretyship is a legal concept in which a third party, known as an "assured party," guarantees that another party, known as a "defendant," will fulfill their obligations. In this scenario, the assured party (the defendant) is required to pay the money or property pledged by the assured party to the surety when the defendant fails to perform as agreed upon in the agreement. The purpose of suretyship is to ensure that the funds or assets pledged are used for a legitimate
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What is the definition of Surety? 🙋
👉 Surety is a type of guarantee that guarantees payment for a debt or obligation. It involves agreeing to pay part of the amount owed if the other party fails to make their payment on time, according to the terms of the agreement. Sureties can be individuals, businesses, government entities, or any other legal entity. In the context of real estate, surety bonds are often used for financing purposes, such as purchasing a mortgage or securing a loan from a lender. They provide financial protection to the
