Guarantors

Part of speech: noun

Definitions

1. Entities or individuals that promise to take responsibility for another's financial commitments and ensure obligations are met in case of default
2. People or organizations that guarantee the fulfillment of obligations by assuming liability in the event that the primary party fails to pay
3. Those who commit to cover the debt or duty of another if the original responsible person cannot fulfill it

Etymology: "Guarantors" is simply the plural of "guarantor", so it describes more than one person who takes on another's obligation. The singular "guarantor" is built from "guarantee" plus the suffix "-or", which marks a person who performs an action, so a guarantor is literally one who guarantees. The plural follows the usual English pattern of adding "-s" to a count noun.

Synonyms: sureties, bondsmen