grace period

The definition of a grace period is an extra amount of time in which you are free from certain consequences normally associated after a certain date.

(noun)

An example of a grace period is a span of time during which your credit card company does not charge you interest or late fees for non-payment.

See grace period in Webster's New World College Dictionary

extra time allowed, as for payment of a note, insurance premium, etc. after it is due

See grace period in American Heritage Dictionary 4

noun

A period in which a debt may be paid without accruing further interest or penalty.
A period in which an insurance policy is effective even though the premium is past due.

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