Contract between principal and responsible third party (surety) which makes the surety monetary responsible for the principal's fulfillment of obligation to obligee (party who is protected)
adi Consult, Freight Forwarding, Logistics & Transport Industry Terms, Dsseldorf, Nordrhein-Westfalen, 2015 Germany. http://www.adiconsult.com/IndustryTerms.asp, (Log - Brit) {1029}