Legal analysis: According to the law, the contract does not stipulate the liquidated damages for overdue payment or the calculation method of liquidated damages. If the seller claims compensation for the loss of overdue payment on the grounds of the buyer's breach of contract, the people's court may refer to the standard of overdue penalty interest rate and calculate it based on the benchmark interest rate of RMB loan of the People's Bank of China for the same period. If the contract stipulates liquidated damages, it shall be implemented in accordance with the liquidated damages standards stipulated in the contract.

Legal basis: Provisions on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases.

Article 1 The term "private lending" as mentioned in these Provisions refers to the financing between natural persons, legal persons and unincorporated organizations. These Provisions shall not apply to financial institutions and their branches established with the approval of financial supervision departments to engage in loan business, and disputes arising from loans and other related financial businesses.

Article 2 When a lender brings a private lending lawsuit to the people's court, it shall provide such creditor's rights certificates as IOUs, receipts, IOUs and other evidence that can prove the existence of the legal relationship between lending and borrowing. If the creditor's rights certificates such as IOUs, receipts and IOUs held by the parties do not specify the creditor, and the parties holding the creditor's rights certificates file a private lending lawsuit, the people's court shall accept it. The defendant raised a factual defense against the plaintiff's creditor qualification, and the people's court ruled that the plaintiff did not have the creditor qualification after examination and dismissed the prosecution.

Article 24 The people's court shall not support the lender's claim to pay interest if the borrower and the lender have not agreed on interest. If the interest agreement between natural persons is unclear and the lender claims to pay interest, the people's court will not support it. Except for loans between natural persons, if the agreement on loan interest between the borrower and the lender is unclear, and the lender claims interest, the people's court shall determine the interest according to the contents of the private loan contract, the local or the parties' trading methods, trading habits, market quotation rate and other factors.

Article 25 If the lender requests the borrower to pay interest at the interest rate agreed in the contract, the people's court shall support it, except that the interest rate agreed by both parties exceeds four times the quoted interest rate of the one-year loan market at the time of the establishment of the contract. The "one-year loan market quotation rate" mentioned in the preceding paragraph refers to the one-year loan market quotation rate issued monthly by the National Interbank Funding Center authorized by the People's Bank of China from August 20, 20 19.