Job offer na may Indemnity: Pwede ba bang mag back out o decline? Ano po ibig sabihin ng indemify?

Sa job offer ko po ito ang nakalagay, May 30 po sakin inoffer and same date ko din po pinirmahan. Ask ko lang po if pwede pa po ba idecline since wala pa po akong hiring date and for requirements pa lang po ako.
"I will be joining the company on May 30(ako po mismo nagprovide ng date)"
"relative to my acceptance of the job offer, i shall indemnify the bank in the amount equivalent to twenty percent (20%) of the agreed annual salary as liquidated damages in case of my failure to report for duty to assume the position on the date agreed upon. further, i shall indemnify and save the bank, its officers, employees and representative free and harmless from any and all costs, losses, liabilities and damages arising out of any material obligation contained in this agreement. i agree to pay the bank the cost of recruitment and placement process (e. g. medical exam and background investigation) if i voluntarily resigned from the bank in less than one (1) year of employment."