Bold action sees the German call a party (7-2)
I believe the answer is:
derring-do
'bold action' is the definition.
(I've seen this before)
'the german call a party' is the wordplay.
'the german' becomes 'der' ('the' in German).
'call' becomes 'ring' (telephone call).
'a party' becomes 'do' (do is a kind of party).
'der'+'ring'+'do'='DERRING-DO'
'sees' acts as a link.
(Other definitions for derring-do that I've seen before include "Brave acts" , "Swashbuckling boldness" , "Courageous action" , "'bold action'" , "Literary expression for heroic courage or action" .)