grace period

American  

noun

grace periods plural

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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Other Word Forms

Noun Inflected Forms

• grace periods
  plural

Example Sentences

There may be a grace period of several months, depending on the employer, Pon noted, but whatever isn’t spent disappears — it doesn’t roll over to the next year.

From MarketWatch • Jul. 6, 2026

Indian restaurant owner Manish Kumar, who has lived in Japan for three decades, has already been told his business manager visa won't be renewed, in spite of the grace period.

From Barron's • Jul. 1, 2026

In March, the nation’s high court heard arguments about a five-day grace period in Mississippi, with the court’s conservative majority appearing skeptical.

From Los Angeles Times • Jun. 9, 2026

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

“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