Guarantor Legal Meaning and Definition

Here is a simplified definition of the legal term Guarantor.

Guarantor (noun):

A guarantor is someone who agrees to be responsible for another person's or entity's actions, duties, or financial obligations. If that person or entity fails to fulfill their commitments or defaults on their payments, the guarantor will step in and make good on those responsibilities. This commitment is usually detailed in a binding document called a guarantee agreement.