Idioms

grace period

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grace period

1. A period of time after a debt has become due for payment during which no new fees, penalties, or interest are accrued. Our new student credit plan offers an additional 30-day grace period on all credit card purchases. The 12-month grace period is the IRS throwing a lifeline to companies and individuals whose taxes are in arrears. A: "I just finished grad school, so I know I'll have to finally start paying on my undergrad student loans." B: "You do get a grace period at least. You're not expected to start paying on your loans the minute you're done school."
2. A period of time after an insurance premium has become due for payment during which the terms of the policy remain active and in effect. Luckily, I was still within the grace period for my home insurance policy when the basement got flooded, or else I don't know how I would have afforded the repairs! They won't cancel your policy immediately after you miss a payment. You'll get a grace period—but still make the payment as soon as you can. The insurance adjuster just told me that the grace period is over and we have to cover the damages ourselves!
3. By extension, any period of time following a deadline during which no penalty is issued. Due to his mother's sudden death, James was given a grace period of three weeks to submit his dissertation. The boss may well empathize with what you're going through right now, but don't go into the meeting expecting to get a grace period. When I came down with mono and missed a ton of school, my teachers were all really understanding and gave me an ample grace period to catch up on my assignments.
See also: grace, period
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References in periodicals archive
The six-month grace period is supposed to end in July after eateries nationwide were gazetted as 'no-smoking' zone since January.
No mercy for hardcore smokers from Jan 1, says deputy minister
The result of the clarification was mass confusion and a lot of discussion that (ready?) the FAA eliminated the six-month grace period.
Did Currency Rules Change?
A traffic police official in the emirate urged all motorists concerned to take advantage of this grace period. Image Credit: Also in this package
50% discount on traffic fines in Umm Al Quwain
You get the same grace period if you've failed to display a valid ticket or permit.
How late you can return to your car WITHOUT getting a parking ticket; The council has revealed how long the 'grace periods' are - and how you can park briefly for FREE
The median percentage provisionally enrolled or attending school during a grace period was 1.8 percent.
CDC: Vaccination Rates More Than 95 Percent for Kindergartners; Coverage could be even higher if schools followed up with under-vaccinated
The grace period for residents of industrial parks in Azerbaijan may be extended and relevant proposals have been sent to the government, a government source told Trend.
Azerbaijan may extend grace period for residents of industrial parks
The authority has the mandate to register all the food outlets in the next six months while strict action would be taken against unregistered food outlets after the grace period, Attaullah Khan, a spokesperson of the authority, said.
Food outlets to be registered
Project loans have a maturity period usually up to 30 years, including a grace period, subject to an average loan-maturity limit of 19 years.
'More expensive ADB loans for richer PHL'
A six-month grace period had been given for the three-wheeler owners to install the meters, Kodagoda said.
Taxi meters compulsory from Friday
The food authority chief said that the committee has proposed to ban the sale of loose spices, salts, sauces and coloured crackers however, these have been afforded a grace period of a year.
School cafeteria favourites: Sale of chips, carbonated beverages banned
The $425-million loan has been obtained on commercial terms that will be returned over a period of 21 years, including a grace period of 6 years.
World bank approves $825mn loan
Buyers who have paid the at least two years of installments are entitled to pay, without additional interest, the unpaid installments due within the total grace period earned by him, which option may only be exercised once every five years of the life of the contract and its extensions.
Buying on installment
Grace period. There may be a grace period before repayment begins, giving a graduate time to become financially able.
Paying off student loans
FEMA has extended a grace period for renewing flood insurance policies in south Louisiana.
FEMA extends deadline for flood insurance renewal in Louisiana
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