Each applicant for a water softener water fitter's license shall execute and deliver to the Clerk-Treasurer a good and sufficient surety bond of one thousand dollars ($1,000), to be approved by the City Attorney. Such bond shall protect the City against loss or damage by reason of carelessness, defective material or negligence of the licensee in the execution, performance and protection of any and all water softener water fitting work accomplished by him during the period of his license.