BKV cancels metro train contract with Alstom
Wednesday 15:17, October 20th, 2010
The Budapaest Public Transport Company (BKV) has cancelled a contract with Alstom on an order for underground trains after the French engineering company "failed to do all that was expected of it in the interest of fulfilling the contract", BKV said in a statement sent to MTI on Wednesday.
BKV said it had done everything within its power to meet its obligations under a cooperation agreement with Alstom, and it had called attention to Alstom's obligations in its contract several times. Given the situation, BKV has no other option but to cancel the contract for trains to run on the capital's second and planned fourth underground lines, it said.
BKV CEO István Kocsis said BKV had called down a 50% advance payment for the trains as well as performance-linked bank guarantees. It is demanding Alstom pay a penalty as well, he added.
Alstom signed the contract to deliver the carriages in May 2006 after winning a tender with a bid of €247 million. (MTI-Econews)
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