In a sales contract, one party must be the seller and the other party must be the buyer. If the seller delivers all the goods on time, the buyer shall pay the corresponding price within the agreed time limit. If the buyer can't pay the payment on time, he will bear the overdue interest and liquidated damages agreed in the contract. Paragraph 4 of Article 24 of the Interpretation of the Purchase and Sales Contract: "If the purchase and sales contract does not stipulate the liquidated damages for overdue payment or the calculation method of liquidated damages, and the seller claims to compensate for the loss of overdue payment on the grounds of the buyer's breach of contract, the people's court may refer to the overdue penalty interest rate standard of the benchmark interest rate of similar RMB loans of the People's Bank of China for calculation." "About the penalty interest rate. The default interest rate of overdue loans (loans that the borrower fails to repay on the date agreed in the contract) is changed from the current daily interest rate of 2. 1% to 30%-50% higher than the loan interest rate agreed in the loan contract; If the borrower fails to use the loan as agreed in the contract, the penalty interest rate will be changed from the current daily interest rate of five ten thousandths to 50%- 100% of the loan interest rate agreed in the loan contract. For loans that are overdue or not used according to the purpose agreed in this contract, interest will be charged at the default interest rate from the date when they are used in loans overdue or not according to the purpose agreed in this contract until the loan principal and interest are fully paid off. For the interest that cannot be paid on time, compound interest will be calculated at the penalty interest rate. "
Legal objectivity:
code of civil law
Article 253
If the person subjected to execution fails to perform the obligation to pay money within the period specified in the judgment, ruling or other legal documents, he shall pay double the interest on the debt during the delayed performance. If the person subjected to execution fails to perform other obligations within the period specified in the judgment, ruling or other legal documents, he shall pay the delay in performance.