I've seen this in the US as well. It boggles my mind. How can someone get another job when they are in a contract like this? Not many employers will wait 3 months before you start. Can such contracts really be enforced in the US?
Coming to giving a 3 month notice before firing some one, firstly when they ask you to leave they may not necessarily tell you that they are firing you for some socially acceptable reason like cost cutting. Instead they will give you two options, get fired for some fictional violation of company code or you can put in your resignation.
The choice is obvious, the person resigns, while he is actually fired. The quarterly results project this as attrition.
Having said this, the last I have heard about this bonds is that they are not valid in the court of law.
"last I have heard about this bonds is that they are not valid in the court of law"
Probably not. But what will you when they decide to not pay your final paycheck since you did not pay for breaking the bond. Heck, in some countries like HK again, you need to get tax clearance from your employer before you leave permanently, if you do. So the question is: do you just bite the bullet or go fight with the corporate giants regardless of who could win.
