The contract starts the day you pass your first PC. I know it used to be when finished with IOE, but if you would have been listening during ground school when the head of ground training handed out the contract and explained it, you would have heard " it starts the day you pass your first PC." Of course if you were to go out and not be able to finish IOE and resigned then you would owe nothing. Or maybe you just have a medical problem that would prevent you from flying for awhile that might be solved after you let the company know you could no longer exercise the privelages of that 1st class medical and would like to pursue another job where a 1st class medical is not required. There is always a way out for those resourceful enough to find it. Just remember that it is all in what the paperwork says not what was said.