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

Despite a three-month grace period to end existing contracts and clear customs, the shift presents a huge challenge for a country which had imported more than half its medicine from Pakistan.

From Barron's

While some landlords offer a short grace period for renters to scrounge together enough cash, fintech companies are offering a different deal: split your rent into installments throughout the month.

From MarketWatch

“Aleks feels the same. But I think it would be nice to also have some time in life to not be 100% all effort into this sport, to have a little bit of a grace period where we can just be together, enjoy life, visit family, celebrate with a glass of wine, and actually be OK with that, get sick and not be worried about it. All of those kinds of things.”

From The Wall Street Journal

During the transition, the Seahawks had enjoyed an extended grace period owing to an esoteric legal quirk.

From The Wall Street Journal

The government has given a grace period of at least one year to fine-tune the rules.

From The Wall Street Journal