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

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

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 • Feb. 13, 2026

“Oh no. We don’t keep secrets on this ship. But perhaps Lieutenant Reynolds will give you a grace period... assuming you stay motivated.”

From "Ship Breaker" by Paolo Bacigalupi