Grace-period meaning

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.

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.

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A period after a due date or deadline during which an obligation may still be fulfilled without penalty or suspension of benefits.
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Extra time allowed, as for payment of a note, insurance premium, etc. after it is due.
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A time period between when a cost is incurred and when a payment is due. Grace periods often are associated with credit cards that don’t start charging interest on new purchases until 25 days after the item has been charged.
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A time period in which insurance won’t be cancelled if a payment isn’t received.
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(idiomatic) A length of time during which rules or penalties do not take effect or are withheld.

The fees begin to accrue after a one-month grace period.

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