The difference between a surety bond and a guarantee is that: A surety bond is issued by an insurance company and guarantees performance of the exporter, while a guarantee is issued by a bank and compensates the importer in the event an exporter defaults on their contractual obligation A surety bond is issued by a bank and guarantees performance of the exporter, while a guarantee is issued by an insurance company and compensates the importer in the event an exporter defaults on their contractual obligation A surety bond is issued by an insurance company and compensates the importer in the event an exporter defaults on their contractual obligations while a guarantee is issued by a bank and guarantees performance of the exporter None of the above