Grounding to a water pipe? need help

[nw372]

Hi all, Looking today at the wiring in my new house I noticed That there's a ground wire going from my breaker panel to a water pipe and it looks like a good bonding between the two.
Now, there is also a ground rod outside the house which my breaker panel grounds to.
This is why I look to you guys for help, does the water pipe need to be attached or bonded to the breaker panel and if so, why.
I've seen this before in other homes but I'm a new homeowner and want to make sure if its there it is correct.
Any help would be appreciated.

Thanks in advance .....

 

[augie47]

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