German rail company Deutsche Bahn and engineering giant Siemens sign a multibillion euro contract for new high-speed trains on Monday, with reports saying the contract has safeguards against delays and technology failures. The contract, worth some six billion euros, commissions at least 230 new long-distance trains, called ICx, to replace Deutsche Bahn’s current aging inventory. Reports on Sunday said that Siemens is to receive payment for its services over a period of time, and that payment will be withheld if the trains do not function properly. Siemens must pay for any cost overruns itself. Read More
