Bonds Robust legal framework necessary for development of surety bonds market in India: IRDAI report Updated : October 19, 2020 09:34 PM IST Surety bonds protect the beneficiary against acts or events that impair the underlying obligations of the principal. Surety bonds help provide owners of construction projects with guarantees of success and enhanced reputations. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.