A contractual clause that permanently prohibits a party from seeking injunctive relief to prevent drawdown of a bank guarantee is void as an ouster of jurisdiction, but is severable from the remainder of the security provisions. Where a construction contract requires the provision of an unconditional bank guarantee as security for performance obligations, the beneficiary is entitled to call on the guarantee upon making a bona fide claim that is not specious or fanciful, without awaiting final determination of the underlying dispute. The contract allocates to the party providing the security the risk of being out of pocket pending dispute resolution.
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