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

While an ordinance would require multiple public meetings and a 30-day grace period before being implemented, a policy would take effect immediately after being ratified. — Sierra Lopez, Mercury News, 13 July 2026

Upholding this grace period ensures that astronauts and other Americans are able to exercise their civil rights. — Chelsea Gohd, Space.com, 10 July 2026

Under the Independence City Charter, petitioners had a grace period of 10 days to submit additional signatures and clear any other errors. — Ilana Arougheti, Kansas City Star, 9 July 2026

This benefit is suspended during periods of deferment, grace period, or forbearance. — Dan Avery, CNBC, 8 July 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