I think I t would depend on the forum and choice-of-law provisions of the contract itself. If it were entirely under, say, the UK's jurisdiction, common law countries generally permit the nullification of a contract provision that is against public policy (I am an American lawyer, not a U.K. lawyer, and my practice area is not contracts, so take my only-slightly-educated guess with a grain of salt.)

Chances are good it says that any disputes are to be governed by the laws of, say, the State of California. Since California doesn't adopt EU law as its own public policy, it would be likely to enforce the contract (unless it violated California law in some way).