Which of the following terms refers to bonds that ensure the payment of workers and material suppliers?

The term that refers to bonds that ensure the payment of workers and material suppliers is contract bonds. These bonds specifically protect against the risk that a contractor will not fulfill their obligations under a contract, which often includes paying workers and suppliers. By guaranteeing payment, these bonds help maintain financial stability within the construction industry and promote the completion of projects as planned.

Contract bonds encompass various subtypes, including payment bonds, which are directly focused on the payment to laborers and suppliers. This helps ensure that everyone involved in the project, from workers to suppliers of materials, receives their due compensation, thus preventing potential delays or disputes caused by unpaid debts.

It's important to understand the distinctions among different types of bonds for better clarity on their specific purposes and the contexts in which they are applied. Other types of bonds like performance bonds focus more on the completion of the project rather than payments specifically, and insurance bonds would typically relate to coverage against certain risks rather than guaranteeing payments.