grace period

noun
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.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
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.
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