Obligation to Make a Payment and Pay Interest for Delay

If the buyer fails to pay the price by the due date, the seller has the right to demand payment. Furthermore, the seller is entitled to receive interest for late payment on the purchase price from the due date until payment is made. The rate of interest for late payment is either the contractual interest agreed upon by the parties or the interest rate prescribed by the Interest Act if no agreement on interest for late payment exists between the parties.