Each contractor required to pay the prevailing wage rate shall: keep payroll records covering work performed directly at the work site in accordance with regulations adopted by the Commissioner; and allow the Commissioner or the public body to inspect the records at any reasonable time and as often as necessary. Each contractor shall submit a complete copy of the payroll records of the contractor and, for work performed at the work site, of the subcontractors in the form that the Commissioner specifies by regulation to: the public body; and the Commissioner. The Commissioner and the public body shall make payroll records available for public inspection during regular business hours. Each copy of the payroll records shall be accompanied by a statement that is signed by the contractor or, for the subcontractor’s records, by the subcontractor and indicates that: the payroll records are correct; the wage rates paid are not less than those established by the Commissioner as set forth in the public work contract; the classification set forth for each employee conforms with the work performed by that employee; and the contractor or subcontractor has complied with each requirement of this subtitle. If a contractor is late in submitting copies of the payroll records required under subsection (b) of this section: the public body may postpone the processing of partial payment estimates under the public work contract pending receipt of the copies; and the contractor shall be liable to the public body for liquidated damages of $10 for each calendar day the records are late.