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When executing a smart contract through one owner account, and if one transaction gets stuck( due to low gas price), all the other transactions submitted after that becomes pending. Is there any well-known solution to this problem. My code looks like following,

myContract.methods.myMethod(fromWallet, toWallet, amount, companyName).send(txParams)
                .on('transactionHash', function (hash) {
                    console.log("transaction submited " + hash);
                })
                .on('receipt', receipt => {
                   //do something when get the reciept 
                })
                .on('error', error => {
                    console.log('error', error);
                })

As my understanding receipt event happens only after the transaction is mined by miners. Is there any way that I can wait for sometime and if transaction still pending, cancel/resubmit to avoid the queue of transactions blocking my application. Appreciate any help.

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SendTransaction() has "nonce" option.

nonce: Number - (optional) Integer of a nonce. This allows to overwrite your own pending transactions that use the same nonce.

You can get accountNonce from the latest transaction and overwrite your pending transaction.

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