During uncertain times, people look for a security blanket of added protection when embarking on new projects, and surety bonds are one way to provide that. For decades now, surety bonds—typically three-party agreements between the surety, contractor/subcontractor and project owner—have been required for most public construction projects. Recently, and largely stemming from uncertainties caused by COVID-19, ongoing supply chain woes, and material shortages and inflation, many more owners and investors have begun requiring bonds for private construction projects, too.