Public agencies such as state, county, local, and federal government authorities all require contract surety bonds. Since 1893, the U.S. government has required contractors on federal public works contracts to obtain surety bonds. The current federal law, the Miller Act requires performance and payment bonds for all public work contracts in excess of $100,000, and payment protection for contracts above $25,000. Many private owners also require contract, surety bonds to assure they are getting qualified contractors, and to enhance their credit risk since surety bonds offer assurance that the contractor is capable of completing the contract on time, within budget, and according to specifications. More and more owners would rather shift the construction risk from the owner to the surety bond company.