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

Venable seemingly has a grace period on the South Side with a team expected to lose 100 or more games for the third straight season. —Paul Sullivan, Chicago Tribune, 2 Mar. 2025

Of note: These recovery efforts are in addition to the 10-business-day grace period for all January bills the city announced on Monday. —Karri Peifer, Axios, 16 Jan. 2025

The grace period would begin once a parking officer issues a ticket and the message is sent, said City Commissioner Alex Fernandez, who is proposing the change. —Aaron Leibowitz, Miami Herald, 24 Feb. 2025

Even if Trump postpones tariffs after the 30-day grace period, what will stop him from reinstating them anytime over the next four years, investors will wonder. —Andres Oppenheimer, Miami Herald, 4 Feb. 2025

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