This is illogical on the part of company. I do not want to get into the technicalities on whether bond is valid or not, as it depends on cost incurred by company on you and other factors.
What sounds bizarre is, company asking you to pay money and also serve 3 months. The clause should be either bond amount or 3 months notice. Company can demand only any one of this (I am saying this, as I don't know how much company has spent on your training or on-site assignments). To my knowledge, there can be no notice period clause during the service agreement period.
As a boarder has mentioned, an agreement should offer remedy to both parties in case of default by either of them. One sided agreements are illegal.
What sounds bizarre is, company asking you to pay money and also serve 3 months. The clause should be either bond amount or 3 months notice. Company can demand only any one of this (I am saying this, as I don't know how much company has spent on your training or on-site assignments). To my knowledge, there can be no notice period clause during the service agreement period.
As a boarder has mentioned, an agreement should offer remedy to both parties in case of default by either of them. One sided agreements are illegal.