The Buyer and the Seller have not Agreed on the Time of Payment. What if the Buyer Refuses to Pay?

2020/1/8

In the absence of an agreed time for payment, the creditor may demand payment from the defaulting party at any time.

If the buyer and the seller do not agree on the payment time in advance, both parties can negotiate on this issue. If no agreement can be reached through negotiation, the time of payment may be determined according to the transaction practice.

If both parties fail to negotiate and there is no trading practice, the creditor may demand payment from the defaulting party at any time, but shall give the defaulting party a reasonable time. What is a reasonable time? It depends on the amount owed and other factors to determine. In general, the larger the amount owed, the longer the "reasonable time" and vice versa. For example, if the debtor is a company with annual sales of tens of millions that owes thousands of yuan to its creditors, it is reasonable to ask them to pay within a day. If the amount owed is several million, it is reasonable to ask for payment within two or three months.