The specifications for every contract for any public works, projects or undertakings of the Government of the Virgin Islands shall contain a provision stating the prevailing rate of wage, which shall be paid to laborers, workmen or other persons in each trade or occupation required for such public work, project or undertaking, employed in the performance of the contract whether by the contractor, subcontractor or other person doing or contracting to do whole or any part of the work contemplated by the contract, and the contract shall contain a stipulation that such laborers, workmen or other person shall be paid not less than such specified prevailing rate of wage.