grace period

noun

: a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation

Examples of grace period in a Sentence

The terms of the loan allow for a ten-day grace period.

Recent Examples on the Web

Any balance that isn’t paid off by the due date can begin accruing interest immediately after the grace period ends. —Bydavid Schepp, Encyclopedia Britannica, 2 Apr. 2026

There will be a grace period for tickets booked before March 11 and issued by March 25. —CBS News, 1 Apr. 2026

Don’t be in a hurry, as this grace period will keep your home from being filled with toxic fumes from the new installation. —Louise Parks, Martha Stewart, 30 Mar. 2026

There was no grace period for those who had already started the process. —Julia Buckley, CNN Money, 28 Mar. 2026

Word History

First Known Use

1907, in the meaning defined above

Rhymes for grace period

• myriad
• photoperiod

Legal Definition

grace period

noun

grace pe·​ri·​od

: a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as

a

: a period of 30 days or one month during which premiums on insurance policies may be paid without penalty

b

: a period of ten days during which certain security interests (as those in fixtures) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code

called also days of grace