What is a Surety?
This evolved over time to the corporate arena. That is, it was more than just guaranteeing the "Jim" did what he was supposed to do. Instead, the surety would be guaranteeing the performance of a company. Again, this could be a wealthy person guaranteeing that a company would finish a job timely.
Over more time, this evolved again so that a company became the guaranteeing party, or surety. What would happen is that a large company would guarantee that a smaller company would perform the contract per its terms. For example, a general contractor would provide surety that the subcontractor would perform.
The last evolution of the surety system became when companies became sureties as their main business line. What happened is that insurance companies set up divisions to act as surety on behalf of other companies. These are surety bonds in the modern construction world.