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

In a notice, MARTA said the temporary grace period that kept some gates and emergency doors open since May 2 will end Saturday, May 30. —Christopher Harris, CBS News, 28 May 2026

Wear time of up to 15 days, with a 12-hour grace period before the sensor needs to be replaced. —Samantha Agate, Charlotte Observer, 27 May 2026

Stelo offers up to 15 days of wear with a grace period. —Samantha Agate, Sacbee.com, 27 May 2026

During this grace period the government pays interest for subsidized loans, but not for unsubsidized ones. —Jill Schlesinger, Mercury News, 25 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