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 fallout from a borrowing binge to shore up Social Security could be even worse, as investors are unlikely to give Congress a grace period to figure out a more sustainable solution, de Rugy said. —Jason Ma, Fortune, 15 Feb. 2026

Current head coach Aaron Glenn is a beloved former Jets player and he was not granted much of a grace period — after one losing season, fans are already calling for his head. —The Athletic Staff, New York Times, 15 Feb. 2026

Those who are automatically re-enrolled but fail to pay their insurance bills get a grace period of three months before their coverage is terminated. —Ken Alltucker, USA Today, 4 Feb. 2026

The request, in late August, came 58 days after the Supreme Court decision -- beyond the customary 30-day grace period. —Aaron Katersky, ABC News, 4 Feb. 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