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grace period

noun
1.
a period of time after a payment becomes due, as of a loan or life-insurance premium, before one is subject to penalties or late charges or before the loan or policy is canceled.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for grace period
  • Amazingly, no interest is charged during the grace period.
  • They already get a six-month grace period after that.
  • If they can't afford the repair, he hangs on to the motors for a three-month grace period.
  • Maybe there would be a grace period for allowing them to get their license if they'd never applied.
  • Many rental companies have abandoned or reduced the one-hour grace period they used to offer.
  • There's no grace period, and parking charges begin to accrue from the moment you cross the gate.
  • Your grace period will be six or nine months depending on the type of loan.
  • However, there will be a one-year enforcement grace period.
  • The grace period applies to qualifying vehicles only.
  • The first argument deals with the automatic extension of the statutory grace period if the pawnbroker is closed on the last day.

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