Have an attorney review the entire agreement to determine whether there is a possibility to walk away from the agreement without the provision's applicability. It's not possible to offer advice regarding your particular matter in this public forum which is meant to provide general information.
The answer provided is for general information purposes and cannot be relied upon. In order to provide legal advice, one must engage with a live attorney; this answer does not create such attorney-client relationship.
What did you think when you agreed to such provision? Was it fair as presented? Did you have an attorney review before signing? Were you confused at time of signing? This is known as a "liquidated damages" provision and it may or not be enforceable.
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Wow, I agree that this is a tough one. On the face of what you presented, there is no obvious way out from this provision, unless you can argue that the $700 constitutes "liquidated damages." I have found that companies are often willing to negotiate over these provisions. Remember that it would be costly for the company to enforce this - i.e., take you to court. Though, if you decide to call the company's bluff, you'll want to look to see if the contract allows the winning party to collect attorney fees. That could be an expensive game of chicken! I would think it worth your while to pay for an hour or so of attorney time to have someone review the entire agreement and discuss options with you. Good luck!
Note that this is not legal advice and this does not establish an attorney client relationship. You should review your issue with an attorney for the best possible answer to your question.