Grace-period Definition

noun
Extra time allowed, as for payment of a note, insurance premium, etc. after it is due.
Webster's New World
A period after a due date or deadline during which an obligation may still be fulfilled without penalty or suspension of benefits.
American Heritage
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.
Webster's New World Finance

(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.
Wiktionary

Other Word Forms of Grace-period

Noun

Singular:
grace-period
Plural:
grace periods
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grace-period