grace period

Definitions of "grace period"
  1. A window of time after a scheduled date where one can accomplish a required task, like payment, without experiencing the usual negative effects, such as a penalty or cancellation
  2. A time span of 30 days or one month in which insurance policy premiums can be paid without incurring a penalty
  3. A ten-day duration in which some security interests, like those in fixtures, have to be solidified to take precedence over conflicting security interests according to Article 9 of the Uniform Commercial Code
How to use "grace period" in a sentence
  1. If the rent payment is not made by the due date, there is a grace period of 5 days where it can be paid without any repercussions.
  2. The insurance company offers a one-month grace period during which policyholders can pay their premiums without incurring any penalties.
  3. According to Article 9 of the Uniform Commercial Code, a grace period of ten days is given to perfect certain security interests to have priority over conflicting ones.

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