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grace period

noun

Simple Definition of grace period

  • : an amount of extra time that someone is given to pay a bill, finish a project, etc.

Full Definition of grace period

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

Examples of grace period

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



1945

First Known Use of grace period

1945


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