meaning of the word "surety" on a baptism

[familydar]

In the Stanford in the Vale, BRK, baptism transcripts, a number of the baps between 1708 and 1711 give the names of people as sureties.  I presume this isn't specific to the parish which is why I'm posting on this board.  Would these be what we nowadays refer to as "godparents", their duty would be to bring up the child in the event that something happened to the parents, so the expense didn't fall on the parish?

regards
Jane :-)

[stanmapstone]

The Book of Common Prayer Public Baptism of Infants to be used in the church
Then shall the Priest speak unto the Godfathers and Godmothers on this wise.

Dearly beloved, ye have brought this Child here to be baptized; ye have prayed that our Lord Jesus Christ would vouchsafe to receive him, to release him of his sins, to sanctify him with the Holy Ghost, to give him the kingdom of heaven and everlasting life. Ye have heard also that our Lord Jesus Christ hath promised in his Gospel, to grant all these things that ye have prayed for: which promise he, for his part, will most surely keep and perform. Wherefore, after this promise made by Christ, this Infant must also faithfully, for his part, promise by you that are his sureties, (until he come of age to take it upon himself,) that he will renounce the devil and all his works, and constantly believe God's holy Word, and obediently keep his commandments.
http://www.rootschat.com/links/01gll/
Stan

[familydar]

Thanks Stan

best wishes
Jane :-)