grace period

American  

noun

1. a period of time after a payment becomes due, as of a loan or life-insurance premium, before one is subject to penalties or late charges or before the loan or policy is canceled.

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Example Sentences

The terms of the contract were steep: After a grace period, Odessa would have to pay roughly $24,000 annually to maintain its membership, an amount that could increase and had no cap.

From Salon • May 3, 2026

Drivers who are photographed going 11 mph or more over the posted speed limit will have a 60-day grace period before they’re fined.

From Los Angeles Times • Mar. 30, 2026

Many of those who retained ACA plans are still in a 90-day grace period that allows them to keep their coverage even if they weren’t making premium payments.

From The Wall Street Journal • Mar. 19, 2026

The status gives firms a grace period in which they are exempt from corporation tax, according to the paper, and instead issue a portion of the company's earnings to shareholders who are taxed individually.

From BBC • Mar. 15, 2026

The headmaster read through Caitlin's letter before agreeing to a month-long grace period: Things had gotten so bad that even the schools had to be lenient.

From "I Will Always Write Back" by Caitlin Alifirenka and Martin Ganda