Grace Period (Noun)
Meaning
A period of time past the deadline for fulfilling an obligation during which a penalty that would be imposed for being late is waived, especially an extended period granted as a special favor; "The payment had originally been due on April 1 but we had a grace period which expired in June.".
Classification
Nouns denoting time and temporal relations.
Examples
- After missing the initial deadline, the lender offered a two-week grace period to avoid any late fees.
- The company gave employees a one-month grace period to comply with the new policy before enforcing penalties.
- Students who struggled to pay tuition on time were granted a six-week grace period without accruing interest.
- If you send in your tax return late, you are still eligible for a short grace period to avoid heavy fines.
- The insurance company provided a 30-day grace period for policyholders who paid premiums past the due date.