(1) Whenever a contract for the performance of public construction or reconstruction works is awarded by the federal government or by any agencies or when a contractor sublets a contract, the contractor awarded the contract must complete and file with the department a contract award report (form PC-1) which must contain the following information:

(a) name of the governmental agency or prime contractor awarding the contract;

(b) contract number, location and general description of construction to be performed;

(c) name and address of the contractor or subcontractor awarded the contract;

(d) total value in money, credits, or other valuable consideration specified in the contract, that is to be paid for the completion of the contract;

(e) date when the construction is to be completed; and

(f) date when the increments of the contract costs are to be paid the contractor or subcontractor, the amount of such payments, and the percentage of the increment withheld from each payment to insure satisfactory completion of the job.

(2) The above information must be transmitted to the department within ten days from the date that the contract is awarded.