Before any license, as provided by this ordinance, shall be issued for engaging in transient or itinerant business as denied in Section 5-202 of this ordinance in the City of Paris, such applicant shall file with the City Recorder a bond running to the City of Paris in the sum of $1,000 executed by the applicant, as principal, and two sureties upon which service of process may be made in the State of Tennessee or a surety bond written by a company licensed to do business in the State of Tennessee, conditioned that the said applicant shall comply fully with all of the provisions of the ordinance of the City of Paris, and the statutes of the State of Tennessee regulating and concerning the sale of goods, wares and merchandise, and will pay all judgments rendered against the said applicant for any violation of said ordinances or statutes, or any of them, together with all judgments and costs that may be recovered against him by any person or persons for damage growing out of any misrepresentation or deception practiced on any person transacting such business with such applicant, whether said misrepresentation or deceptions were made or practiced by the owners or by their servants, agents, or employees, either at the time of making the sale or through any advertisement of any character whatsoever, printed or circulated with reference to the goods, wares and merchandise sold or any part thereof. Action on the bond may be brought in the name of the City to use of the aggrieved person.