GTODD wrote:
What happens if before the 12 months are up the company you work for goes out of business? Often the bond involves the company taking a bank loan in the pilots name to pay for their training.
This might not be the case with your situation, but I encourage all pilots considering signing a bond to ask this question.
Pilots subisidizing someon else's struggling business does not seem fair, but thats just my opinion.
Not my case at all, the company I work for assumed all costs of my training, provided I stay for 12 months. If they go under or I get fired then I'm not on the hook for anything.
I heard stories about companies getting pilots to take out a bank loan but didn't think it was true...that is just absurd. I believe in that case we aren't talking about a bond anymore, that is basically a pilot taking out a loan at a bank...thus paying for his training (because the company is probably gonna take the payments out of his/her paycheck). A bond is a contract which should be of equal value to both parties, an exchange of services if you will...in the former case, the pilot takes out a loan which the company will pay. It's all on the pilot, but if the company goes under or buddy gets fired, then he/she is still on the hook for the balance. In that case the pilot has everything to lose and the company is safe.
So while I respect Doc, he seems to have lots of experience in the industry, I disagree with him on the subject of bonds, I believe that if bonds are a proper contract they can be fair....I agree with GTODD that pilots should be wary when signing a bond, think about it and ask yourself a few questions. Don't sign a bond with a huge hard-on cause you finally got a job. Take it home with you for the night, allow the blood to return to your head and then make your decision.
cheers,
FO
