I've seen several operators and flown with colleagues that have been involved in recurrent bonds.
As a pilot you run the risk of ending up tied into a company that knows it is very hard for you to leave if you are not happy or are being treated poorly. This is exactly what happened with a former colleague.
Bonding for an initial type rating is absolutely fair game, and I could even stretch to seeing a bond for the first recurrent. This guarantees a year in a company, but to bond on every single recurrent, in my opinion this is not fair and not standard practice.
Think of it this way, the person is in current flying practice on the type operated, they not only bring with them their flying skills as a pilot, but also the unique knowledge of that specific type. This can save a lot of headaches. If you want to bond for a long stint, get a newbie on type and pay the full whack.
What's more is, if an aircraft is managed, often the cost of the training is billed to the aircraft owner and as such a company cannot bond you for the cost of training as they are not out of pocket.
I know it's stated that this was not an EU contract, but for info, these bonds are not legal in the EU. There are very specific criteria that must be met for a bond to be legal.
1. It must be an initial rating,
2. You must be new to the company,
3. The company can only bond for the actual cost of training and not hotac or subsistence.
4. It must decrease linearly with time.
There is an exception to rule 2, if a company advertises for a new position internally and YOU apply and conditions 1, 3 and 4 above are met, then you can be bonded. If you are placed onto a type at the companies behest (ie. you did not formally apply for the new position), then you cannot be bonded.
I potentially had an issue arising and took professional legal advice on this and was provided this information and told that my bond was illegal and not to worry if it went to court. In the end, as always, I found a way that kept everyone happy and it all ended on a happy note with tea and biscuits all round.
As for the issue at hand, anyone in a job they are reasonably happy with, not bonded and enjoy their flying, why be tied to someone you may end up hating?