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. 2013.
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Grace period is always a great word to know.
So is callithumpian. Does it mean:
a stew of meat, vegetables, potatoes, etc.
a children's mummer's parade, as on the Fourth of July, with prizes for the best costumes.
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Example sentences
Your grace period will be six or nine months depending on the type of loan.
Maybe there would be a grace period for allowing them to get their license if
  they'd never applied.
Amazingly, no interest is charged during the grace period.
The grace period applies to qualifying vehicles only.
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