There is nothing too specific in the contract. Simply that one is guaranteed an interview within 18 months of a valid application (ie. meet all AirNZ minimums at time of application) and that at the time of interview must have been with Eagle for a min of 24 months.
It all seems pretty reasonable to me and it looks like its designed around the 3 yr bond, as few would be able to join Eagle and have the mins for AirNZ within 6 months of starting at Eagle. However, it's much better than nothing and at least your guaranteed a chance to know whether your in or out, rather than treading water wondering if the uni degree would have helped you out!!
We'll just have to sit back and see how it works now.