Clough Engineering Ltd v Oil and Natural Gas Corporation Ltd does not establish a special rule of construction requiring 'clear words' before a contract will be construed as restricting a beneficiary's right to call on a performance bond; the statement at [83] of Clough applies only where the contract has been construed as allocating risk as to who is out of pocket pending dispute resolution. Performance bond contracts are to be construed using ordinary principles of contractual construction as stated in Simic v NSW Land and Housing Corporation. Where parties have agreed to international arbitration, a court granting interlocutory relief is not required to determine questions of contractual construction on a final basis.
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