grace period

Definition

The additional period of time a lender or insurance policy issuer provides for a borrower to make payment on a debt without penalty.

Use grace period in a sentence

The grace period was still being realized by the borrower so we had to wait until this period ended to proceed.

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If you owe money for a bill, some companies will grant a grace period whereas you can pay your bill late without receiving a fine.

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If your rent is not paid in full the first day of each month, you may be given a five day grace period in which to pay before you are charged a late penalty fee.

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