There must be inserted in every bond given by a contractor doing work for the state of North Dakota or for any political subdivision thereof, in addition to the general provisions for the faithful and complete performance of all work required under the contract, this further provision: That    the contractor has made, or will make, prior to the commencement of any work by the contractor or any subcontractor under the contract, full and true report to the organization of the payroll expenditures for the employees to be engaged in the work, and that the contractor has paid, or will pay, the premium thereon prior to the commencement of the work.