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
“ If you owe money for a bill, some companies will allow you a grace period where you can pay your bill late without receiving a fine. ”
“ The grace period was still being realized by the borrower so we had to wait until this period ended to proceed. ”
“ 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. ”
