grace period


grace period

noun

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

Full Definition of GRACE PERIOD

:  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.

First Known Use of GRACE PERIOD

1945

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