Shaman,
There is nothing to arrange with a bank or pay anything in advance. The "bond" is actually just a letter of agreement/commitment on your behalf that should you terminate the contract earlier, you undertake to pay Contractair the agreed amount. It is just a signed agreement, nothing else is involved. Now, if it's legally binding, that I don't know. What I know for sure, a few guys changed their mind and decided not to join, after they signed the contracts, just a few days before contract commencement. They were notified by the agency that they were liable for bond payment, as per the agreement. Eventually lawyers were involved and all parties reached a compromise, on the basis that the course had not started yet thus no costs were sustained by the company. But they did pay something as compensation for breach of contract. I know that for fact. I hope it is clear now.