The case of Martinus Rail Pty Ltd v Qube Re Services (No 2) Pty Ltd  NSWSC 1550 involved
a dispute over an interlocutory order restraining the use of a Bank Guarantee by a Principal (Qube
In 2015, Qube RE entered into an AS4000-1997 contract for a sum of some $140 million with the
contractor (Martinus), to perform construction works for a national transport infrastructure project.
The contractor was obliged to provide security for 5% of the contract sum and in August 2022, the
bank issued four unconditional undertakings to pay a total of $7,029,849 on demand by the principal.
Whether the Court should prevent the principal from withdrawing sums of money for alleged breaches
of contract using unconditional undertakings (or Bank Guarantees) provided by the Contractor?