Every City contract, lease, license, concession agreement, franchise agreement or agreement for City funding with an employer described in SMC 2.72.040 or amendment thereto shall contain provisions requiring it to comply with the requirements of this chapter as they exist on the date when the employer entered its agreement with the City or when such agreement is amended. Such contract provisions shall address the employer’s duty to promptly provide to the City documents and information verifying its compliance with the requirements of this chapter, and sanctions for noncompliance. Such contract provisions shall also require the employer to notify each of its affected employees with regard to the wages that are required to be paid pursuant to this chapter.