grace period


Also found in: Dictionary, Medical, Legal, Financial, Wikipedia.

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.
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!
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.
See also: grace, period
References in periodicals archive ?
The grace period shall be fixed at the rate of one-month grace period for every year of installment payments made.
The Company believes it is in the best interests of all stakeholders to use the grace period to continue discussions with its debtholders regarding strategic alternatives to improve Nuverra's long-term capital structure.
The first major upstream oil and gas bankruptcy filing of the year could occur this week as SandRidge Energy, Venoco and Energy XXI Ltd reach the end of grace periods following millions in missed interest payments.
There is currently a six-month grace period between the expiry date of a certificate and the date needed to attend a refresher course, but come the new year that's all about to change.
Dubai - UAE telecom service provider etisalat will cut service to customers after a 15-day grace period following their bill's due date, according to an etisalat statement quoted in an Arabic newspaper.
The ministry had announced a grace period of six months, divided into three phases of two months each, from January 4 to June 30 for employers and companies who failed to issue or renew labour cards for their employees to come forward and settle their fines.
Almost identical to measures it announced a year ago, Bank of Cyprus said that unemployed borrowers with a home worth less than e1/4250,000 can apply for a grace period of 15 months, while presenting proof of their financial status they can pay a symbolic monthly repayment of e1/410 and if they remain out of work, the agreement can be extended for a further 12 months to the end of 2017.
Clients with housing loans who lost over 25 per cent of their family income and their house value does not exceed e1/4250,000 can request a 15-month grace period during which they will pay e1/430 per month.
Both ministries had for months urged all foreigners in the kingdom to make sure that their status was in accordance with the rules and regulations in the given grace period.
The Saudi Press Agency citing the royal order said the original three-month grace period, which ends on July 4, will be extended to the end of the current Hijra year 1434, equivalent to November 4, 2013.
Jeddah, Sha'ban 23, 1434, Jul 2, 2013, SPA -- The Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud, has directed to extend the grace period for correcting the status of violating workers until the end of the current Hijri year 1434 AH as a maximum period.
Jeddah: July 2 -- (BNA)-- The Custodian of the Two Holy Mosques, King Abdullah bin Abdul-Aziz Al Saud, has directed an extension of the grace period for correcting the status of violating workers until the end of the current year Hijri 1434 H as a maximum period, according to the sisterly Saudi News Agency (SPA).
The Saudi Fund will extend $15 million loan for 25 years with a grace period of 5 years at 1% per annum.
As the grace period shrinks, however, increasingly-frequent messages appear on the screen.
isolates four elements of a typical grace period and then explores how