A contractual clause by which a subcontractor waives any right to obtain an injunction or other remedy in respect of the contractor having recourse to bank guarantees is void as an impermissible ouster of the court's jurisdiction. On the proper construction of a subcontract providing for unconditional first-demand bank guarantees payable 'at any time' to recover amounts 'payable on demand', the contractor's right to call on the guarantees is not conditioned on the amount being objectively established as payable by agreement, arbitration or court judgment; the guarantees serve as a risk allocation device pending resolution of disputes. An application for an interlocutory injunction to restrain a call on bank guarantees constitutes 'urgent relief' within the meaning of an arbitration carve-out clause where the beneficiary can demand payment without notice and has reserved its rights to do so.
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