Training contract is 15 months and yes if you get fired you would be required to pay it. However I would almost guarantee that if you stay for the contract you will have the opportunity to upgrade prior to 15 months. We do 3 and 6 month rides at lakes only for first year fo's. It is our way to monitor our new fo's. Training is hard because its usually your first 121 gig and what we do is more difficult than what other airlines do. I know what I'm talking about I worked at Skywest for 4 yrs and United for a few months(one of the 1437 furloughs).
Don't get me wrong you will work your tail off and get great experience but you will have some of the best times of your career. Unless you have a family member in the industry, and even if you do, you will meet the people that will help get you a job at a major. I have worked at lakes on and off for almost 10 years and if you have a good attitude and work ethic you aren't going to get fired. If you can't hand fly an airplane don't worry about the training contract you won't make it through sim, if you can and have a good attitude you will probably upgrade in a short time.