If the payment exceed the due date, the penalty shall be paid at the rate of one thousandth of overdue sum.
Penalty: The amounts of penalty is based on the number of days of overdue and the outstanding amount in which is 3% per day.
违约金的英文是: Liquidated damages
一般就叫penalty
每逾期一日，支付应付合同价款千分之一的违约金；Pay the penalbond of 1/1000 contract payment for every overdue day
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