Every applicant for an auctioneer's license shall file with the Borough Clerk a surety bond running to the Borough of Chatham in the amount of $2,000, with surety acceptable to and approved by the Borough Attorney, conditioned that the said applicant, if issued an auctioneer's license, will comply fully with all the provisions of the ordinances of the Borough of Chatham and the statutes of the State of New Jersey regulating and concerning auctions and auctioneers, will render true and strict accounts of all his sales to any person or persons employing him to make the same, will not practice any fraud or deceit upon bidders or purchasers of property from him at any auction sale or suffer or permit any person in his employ to practice any such fraud or deceit, and will pay all damages which may be sustained by any person by reason of any fraud, deceit, negligence or other wrongful act on the part of the licensee, his agent or employees in the conduct of any auction or in the exercise of the calling of auctioneer.