Sec. 9. (a) The architect who is selected as supervising architect in the building of the World War memorial structures is liable on the architect's bond for any of the following:
(1) Failure in faithfully discharging the architect's duties.
(2) All losses and damages that are incurred on account of the architect:
(A) violating this chapter; or
(B) neglecting the architect's duties.
(b) The architect is entitled to the compensation agreed upon in advance.