grace period

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.

Example Sentences

In return, the company said it gains a three-year grace period to exempt it from national-security-related tariffs.

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In return, the company gains a three-year grace period to exempt it from national-security-related tariffs.

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They also said the law wouldn’t go into effect until a year after it is passed, giving platforms—and teenagers—a grace period.

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A consultation, open until 20 November, asks whether councils should consider giving businesses more time to adjust, such as a 12-month grace period before they may have to pay higher council tax rates.

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Ministers doubled the grace period given to refugees to transition from supported housing to their own accommodation from 28 to 56 days in December.

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