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Old 13th Mar 2007, 04:26
  #11 (permalink)  
Anti-Skid Inop
 
Join Date: Oct 2004
Location: S Hemisphere
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Just to clear up an issue regarding these bonds. Most guys believe it's a 4 year bond, which is a big misconception.
The wording in the bond stipulates that it will amortise 1/36th from the day it was endorsed on the particular licence. It will not however amortise in the first 12 months from date of signing.
So in other words, if you resign and leave in the first 12 months, you owe the full amount, but as of month 13, the bond will have reduced by 13 months.
Many people have been mislead regarding this issue - and CE have scored an extra year from most pilots.
I hope they don't go and change the wording in the contracts now for future employees!!
Anti-Skid Inop is offline