Common Contracts
1 similar Contract of Suretyship contracts
CONTRACT OF SURETYSHIPContract of Suretyship • March 25th, 2014
CONTRACT OF SURETYSHIP. Contract whereby one party engages to be answerable for debt of another. A lending of credit to aid a principal having insufficient credit of his own; the one expected to pay, having the primary obligation, being the “principal,” and the one bound to pay, if the principal does not, being the “surety.” A surety is an original promisor and debtor from the beginning, and is held ordinarily to every known default of his principal.
