Each subcontract entered into under the Act shall at a minimum:

1. (a) Be in writing;
2. (b) Identify the interested parties, their authorities, and the purposes of the contract;
3. (c) State the work to be performed under the contract;
4. (d) State the process for making any claim, the payments to be made, and the terms of the contract, which shall be fixed; and
5. (e) Be subject to sections 7 (b) and (c) of the Act.