grace period
noun
: a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation
Example Sentences
The terms of the loan allow for a ten-day grace period.
Recent Examples on the Web Prior to imposing a penalty, the bill would offer companies a 90-day grace period to fix the aspect of their products -- such as an algorithm or specific utility -- found to be in violation. 
Max Zahn, ABC News, 31 Aug. 2022 After nearly seven weeks away from the major-league mound, Max Scherzer did not need a grace period to return to dominance. Andrew Tredinnick, USA TODAY, 6 July 2022 That court is likely to give New York a grace period, instead of striking the law down immediately, Mr. Winkler said. New York Times, 23 June 2022 The 27-nation bloc will restart the infringement procedure launched against the U.K. government last year after Britain unilaterally extended a grace period that applies to trade on the island of Ireland. Fox News, 15 June 2022 Renters’ rights activists say Oregon could yet see a surge in evictions if the grace period and the aid programs are allowed to expire. oregonlive, 23 Feb. 2022 The 30-day grace period for companies violating the law will end next year, when companies will be required to be in compliance without warning. Don Thompson, ajc, 24 Aug. 2022 There is a 30-day grace period, but Russia can’t make the payment in its highly devalued rubles, and most of the foreign currencies that Russia holds have been tied up with financial sanctions. Jj Kinahan, Forbes, 14 Mar. 2022 Once the three-month grace period ends, that citation will include a $40 fine. Lilly Price, Baltimore Sun, 12 Apr. 2022 See More
Max Zahn, ABC News, 31 Aug. 2022 After nearly seven weeks away from the major-league mound, Max Scherzer did not need a grace period to return to dominance. Andrew Tredinnick, USA TODAY, 6 July 2022 That court is likely to give New York a grace period, instead of striking the law down immediately, Mr. Winkler said. New York Times, 23 June 2022 The 27-nation bloc will restart the infringement procedure launched against the U.K. government last year after Britain unilaterally extended a grace period that applies to trade on the island of Ireland. Fox News, 15 June 2022 Renters’ rights activists say Oregon could yet see a surge in evictions if the grace period and the aid programs are allowed to expire. oregonlive, 23 Feb. 2022 The 30-day grace period for companies violating the law will end next year, when companies will be required to be in compliance without warning. Don Thompson, ajc, 24 Aug. 2022 There is a 30-day grace period, but Russia can’t make the payment in its highly devalued rubles, and most of the foreign currencies that Russia holds have been tied up with financial sanctions. Jj Kinahan, Forbes, 14 Mar. 2022 Once the three-month grace period ends, that citation will include a $40 fine. Lilly Price, Baltimore Sun, 12 Apr. 2022 See More Word History
First Known Use
1907, in the meaning defined above
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