IWD No 2 Pty Ltd v Level Orange Pty Ltd  NSWSC 1439. Stevenson J.
67. A guarantee is a:
"collateral contract to answer for the debt, default or miscarriage of another who is or is contemplated to be or to become liable to the person to whom the guarantee is given" per Mason CJ in Sunbird Plaza Pty Ltd v Maloney  HCA 11; (1988) 166 CLR 245 at 247.
68. Under a contract of guarantee, a surety assumes a secondary liability to a creditor for the default of another person who remains primarily liable to the creditor.
On the other hand, a contract of indemnity is one where a party assumes primary liability for another's obligations, and agrees to hold the creditor harmless, whether or not that other person makes default: O'Donovan, Modern Contract of Guarantee, Online Edition at [1.1100] and the authorities cited therein.