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

The grace period for the amount due is set to expire on June 15. —Ted Scouten, CBS News, 8 May 2026

Ohio no longer allows a four-day grace period for mail-in ballots. —Alex Perry, Cincinnati Enquirer, 5 May 2026

Public holidays in China this week allow them some time, since business is on hold, as does the grace period provided by the Treasury Department’s Office of Foreign Assets Control. —Bloomberg, Fortune, 4 May 2026

Its grace period expires June 15. —Tom Hudson, Sun Sentinel, 4 May 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