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

To that end, Republicans have sought to eliminate these grace periods in states across the country — both through legislation and legal challenges. —Ashley Lopez, NPR, 8 Apr. 2025

Each new camera location will have an initial 30-day grace period, during which speeding drivers will be let off with a warning notice in the mail. —Alice Yin, Chicago Tribune, 27 Feb. 2025

The three-day grace period will remain in effect through November’s local elections before changes go into effect Jan. 1, 2026. —Matthew Kelly, Kansas City Star, 26 Mar. 2025

Now, employers typically offer one of two options for employees: the ability to carry funds into the next year, or a grace period for reimbursement. —Andrea Riquier, USA TODAY, 12 Mar. 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