Why private construction jobs are requiring surety bonds, too

Source: Construction Dive — 

Public construction projects almost always require surety bonds. As a type of insurance, bonds protect the government if the wheels come off a project, or the contractor absconds with the funds. Indeed, bonding has been mandatory on federal public works projects since the late 1890s.

But now, bonds are increasingly being required on private development projects as well. The reason why has everything to do with the tumult caused by the pandemic.

​