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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.

Source: Merriam-Webster's Learner's Dictionary

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 in a sentence

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



1945

First Known Use of grace period

1945


Law Dictionary

grace period

noun grace pe·ri·od

Legal Definition of grace period

  1. :  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




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