Renegotiation of payment plan, please help

Federal Gazette - I've never heard of that before. Now I've taken a look there. I found this.
Fixed assets 57,716.00
I. Intangible assets 313.00
II. Property, plant and equipment 57,403.00

Roughly estimated, I would say that's not generous. They could really use the €16,500 from me.
No wonder they deny me the bank guarantee.
The question is, what can I do?

In my construction contract it states: The contractor shall provide the client with a security for the timely completion without significant defects in the amount of 5% of the agreed remuneration under § 3 before the first installment payment... I overlooked this when I made this payment. Therefore, I understand that I cannot hold the company liable for receiving this security late. However, the obligation to provide this security should hardly change because of that. Then he will provide it to me now. But refusing to do so altogether does not seem lawful to me.

Withhold 5% of the agreed remuneration from the next installment payment as security and pay this once he has provided an alternative security. I would note this on the transfer slip and record it in writing immediately after the transfer.

@ alter0029

What _exactly_ does the contract say about the security deposit?


Rhineland greetings from on the road
Construction expert

The contractor shall provide the client with a security for the timely completion without significant defects in the amount of 5% of the remuneration agreed under § 3 before the first partial payment. The security can be provided by a guarantee, warranty, or an equivalent payment commitment from a credit or insurance institution authorized in the EU.

Then you wouldn’t have been able to withhold anything anyway; however, you should have insisted on contract fulfillment. I would let your lawyer do his job in your place; he is presumably entrusted with the matter. Everything else would be counterproductive in my opinion. Rhineland greetings from the road Building expert