grace period
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): as
a: a period of 30 days or one month during which premiums on insurance policies may be paid without penalty
b: 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. . 1996.

grace period
noun concession, exemption, leniency, pardon, period of allowance, period of indulgence, period of tolerance, reprieve

Burton's Legal Thesaurus. . 2006


grace period
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. . 2008.


grace period
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 Debt
Category: Bankruptcy, Foreclosure & Debt → Student Loan Debt
Category: Personal Finance & Retirement → Taxes

Nolo’s Plain-English Law Dictionary. . 2009.


grace period
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.


grace period
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.

grace period
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. . 2013.

Look at other dictionaries:

  • grace\ period — • grace period • period of grace noun the time or extra time allowed in which to do something. Most insurance companies have a grace period of one month for payments. The teacher gave the class a week s period of grace to finish workbooks …   Словарь американских идиом

  • grace period — grace ,period noun count a period of time that someone allows you to have before you must pay money you owe: All invoices are issued with the usual 10 day grace period …   Usage of the words and phrases in modern English

  • grace period —  Period of time until a bill becomes due.  ► “While it is true that distributions from individual retirement accounts (IRA) are not taxed if they are ROLLED OVER to new IRAs within 60 days of receipt, this tax free grace period, which allows an… …   American business jargon

  • grace period — A time period during which a borrower can pay the full balance of credit due and not incur any finance charges (BANKRUPTCY DICTIONARY OF TERMS)/. United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • grace period — n. extra time allowed, as for payment of a note, insurance premium, etc. after it is due …   English World dictionary

  • Grace period — A grace period is a period of time past the deadline for fulfilling an obligation during which a penalty that would be imposed for being late is waived. Grace periods, which can range from a number of minutes to a number of days or longer,… …   Wikipedia

  • grace period — noun : a period of 30 days or one month during which premiums on insurance policies may be paid without penalty * * * 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 …   Useful english dictionary

  • Grace Period — Infobox Album | Name = Grace Period Type = Album Artist = ApologetiX Released = Recorded = Fall Winter of 2001 Genre = Christian/Parody/Comedy Length = 1:08:45 Label = Parodudes Producer = Karl Messner Reviews = Last album = Keep the Change… …   Wikipedia

  • Grace Period — A provision in most loan and insurance contracts which allows payment to be received for a certain period of time after the actual due date. During this period no late fees will be charged, and the late payment will not result in default or… …   Investment dictionary

  • grace period — UK / US noun [countable] Word forms grace period : singular grace period plural grace periods a period of time that someone allows you to have before you must pay money that you owe All invoices are issued with the usual 10 day grace period …   English dictionary

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