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

Effective Date: July 27, 2025 (if signed by May 20, 2025) Employer Takeaways: Create a process to promptly correct flagged job postings during the grace period. —Alonzo Martinez, Forbes.com, 16 May 2025

By 2020, that royalty-free grace period for Unreal Engine projects was increased to cover the first $1 million in lifetime sales for a project. —ArsTechnica, 2 May 2025

The White House tried a similar move in February, but with fewer details and no grace period for implementation, sending CBP into a frenzy. —Kate Nishimura, Sourcing Journal, 8 Apr. 2025

There are no routine extensions or grace periods for this specific deadline. —Thomas G. Moukawsher, Newsweek, 21 Mar. 2025

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