You do a sick ass 50% combo during the second health-bar and the enemy uses the wager. Then you both can invest the bar. If you invest more, the damage goes through, if you invest equally much or less, the damage gets negated.
What I find funny is that there seems to be only ONE clash. Shouldn't a match have 2 clashes?
What if I get attacked by the opponent and decide to use the wager after his second hit of a combo and then refuse to invest meter? He invests meter, loses it, the damage goes through and he basically lost meter and didn't do any real damage at all.
If I'm the better player I'll have an easier game then against him. If I get him into a big ass combo, there is nothing he can do against it and all of that, because I already outplayed him at the beginning of the second round, by semi wasting the entire clash.
So I'm still not sure if I like the clash-system.