- grace period
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grace pe·ri·od n: a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): asa: a period of 30 days or one month during which premiums on insurance policies may be paid without penaltyb: a period of ten days during which certain security interests (as those in fixtures or purchase money security interests) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code – called also days of grace;
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- grace period
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noun
concession, exemption, leniency, pardon, period of allowance, period of indulgence, period of tolerance, reprieve
Burton's Legal Thesaurus. William C. Burton. 2006
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n.A period between an official due date and the time when an actual penalty will be imposed for failure to pay or perform; in insurance, the time between the due date of a premium and the time when insurance will actually be cut off if payment is not made.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
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A period of time during which a debtor is not required to make payments on a debt or will not be charged a fee. For example, most credit cards offer a grace period of 20 to 30 days before interest is charged on purchases; as long as you pay your bill in full within the grace period, you won't owe any interest. Similarly, many student loans offer a grace period for at least a few months after graduation, so new graduates don't have to start repaying their loans right away.Category: Back Taxes & Tax DebtCategory: Bankruptcy, Foreclosure & Debt → Student Loan DebtCategory: Personal Finance & Retirement → Taxes
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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In insurance law, a period beyond the due date of a premium (usually thirty or thirty- one days) during which the insurance is continued in force and during which the payment may be made to keep the policy in good standing. The grace period for payment of the premium does not provide free insurance or operate to continue the policy in force after it expires by agreement of the parties. Grace period may also refer to a period of time provided for in a loan agreement during which default will not occur even though a payment is overdue.
Dictionary from West's Encyclopedia of American Law. 2005.
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In insurance law, a period beyond the due date of a premium (usually thirty or thirty- one days) during which the insurance is continued in force and during which the payment may be made to keep the policy in good standing. The grace period for payment of the premium does not provide free insurance or operate to continue the policy in force after it expires by agreement of the parties. Grace period may also refer to a period of time provided for in a loan agreement during which default will not occur even though a payment is overdue.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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n.a time stated in a contract in which a late payment or performance may be made without penalty. Often after the grace period ends without payment or performance by the person who is supposed to pay, the contract is suspended. Example: if a person does not pay his/her insurance payment (premium) by the stated deadline, he/she usually has a few days extra to pay before the absolute deadline. If the person does not pay by then, the insurance company cancels the contract, i.e. your insurance.
Law dictionary. EdwART. 2013.
