Any contractor, who is or becomes an employer under the provisions of this chapter, who contracts with any out-of-state or nonresident subcontractor, who also is or becomes an employer under the provisions of this chapter, shall withhold sufficient monies on said contract to guarantee that all contributions, penalties, and interest are paid upon completion of said contract, or shall require of said subcontractor a good and sufficient bond guaranteeing payment of all contributions, penalties, and interest due or to become due with respect to wages paid for employment on said contract. Failure to comply with the provisions of this section shall render said contractor directly liable for such contributions, penalties, and interest due from said subcontractor and the Commissioner shall have all of the remedies of collection against said contractor under the provisions of this chapter as though the services in question were performed directly for said contractor. Any such contractor who shall become liable for and pay contributions with respect to individuals in the employ of any such subcontractor may recover the same from such subcontractor. For the purpose of this section, the words "contractor" and "subcontractor" mean and include individuals, partnerships, firms or corporations, or other associations of persons engaged in the business of construction, alteration, repairing, dismantling, or demolition of buildings, roads, bridges, viaducts, sewers, water and gas mains, streets, disposal plants, water filters, tanks and towers, airports, dams, water wells, pipelines, and every other type of structure, project, development, or improvement coming within the definition of real property. (Added 1965, No. 115, eff. June 22, 1965.)