Grace Periods
/ˈɡreɪs ˌpɪəriədz/
Definitions
- (n.) A legally defined additional time after a deadline during which a required act may be performed without penalty.
The borrower utilized the grace period before the loan payment became overdue.
Forms
- grace period
Related terms
See also
Commentary
Grace periods often provide a buffer to prevent automatic penalties or defaults, and their length and conditions vary by contract or statute.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.