What is SURETYSHIP

[surety]

SURETYSHIP - An accessory agreement by which a person binds himself for another already bound, either in whole or in part, as for his debt, default or miscarriage. See also surety bond definition

[surety]

Great Surety Article on suretyship it's a must read.

Here's a teaser "Suretyship is an integral part of the functioning of government and commerce. In many complex endeavors involving risk, a need exists to have a third party assure the performance or obligations of one party to another party. Surety companies are the “third parties” that provide such assurances in return for premium payments."