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.
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 Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period.
The six-month grace period is supposed to end in July after eateries nationwide were gazetted as 'no-smoking' zone since January.
The result of the clarification was mass confusion and a lot of discussion that (ready?) the FAA eliminated the six-month grace period.
A traffic police official in the emirate urged all motorists concerned to take advantage of this grace period. Image Credit: Also in this package
The median percentage provisionally enrolled or attending school during a grace period was 1.8 percent.
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.
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.
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.
A six-month grace period had been given for the three-wheeler owners to install the meters, Kodagoda said.
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.
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.
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.
Grace period. There may be a grace period before repayment begins, giving a graduate time to become financially able.
FEMA has extended a grace period for renewing flood insurance policies in south Louisiana.