Guarantor/GuaranteeExplain the terms-Guarantor and Guarantee

There is a very familiar term often heard which is ”guarantor”

Extracted from www.bankinginfo.com.my are interesting salient points noted on this topic on guarantor:

(a) What really is a guarantee:

it is a legal contract that binds you to pay the debt of the borrower if the borrower fails to do so. The financial [...]