Complex sentence: Lord Clarke held that an exchange of work for a wage was essential, that what the private "true" intentions of the parties wanted was not as important as the reality, and that bargains took place in the context of an unequal bargaining relation.
Split into simpler sentences: Lord Clarke held that an exchange of work for a wage was essential. The private "true" intentions of the parties were not as important as the reality, because employment began in the context of an unequal bargaining relation.