Legal Dictionary

guarantor

Legal Definition of guarantor

Noun

A person who pledges collateral for the contract of another, but separately, as part of an independently contract with the obligee of the original contract.
Someone who makes an official agreement to be responsible for the debt of another person.

Compare with

surety

Definition of guarantor

Noun

guarantor (plural guarantors)

A person, or company, that gives a guarantee; a surety

Usage

There are several uses of the word "guarantee" in today's parlance, however the following should be used in legal documents. Guaranty is the actual document containing language of assurance. Guarantor is the entity giving the guaranty and guarantee is the entity receiving the guaranty. Following conventional English spelling rules, therefore, the plural of guaranty or verb usage of the word should be guaranties, as in "The seller (guarantor) guaranties something to the buyer (guarantee)."

References:

Wiktionary. Published under the Creative Commons Attribution/Share-Alike License.