This form is also known as a surety contract, co-signer/co-signer, security documents, promises of surety, protection against late payment Note that, in the case of credit or financing agreements, the borrower or debtor is the main responsible vis-à-vis the lender, since the responsibility of the guarantor is engaged only in case of delay of the debtor. The extent of a surety`s liability may be limited or unlimited. A guarantor`s liability is unlimited if it guarantees payment of all of the borrower`s debts, including principal, interest and late fees, unless the parties agree otherwise. The liability of a guarantor is limited if the guarantor undertakes to pay only a certain amount in case of delay of the borrower. A guarantee agreement (or guarantee agreement) is used during a loan or sometimes a real estate transaction.