Commonly featured in mortgage and insurance contracts, grace. Published by houghton mifflin harcourt publishing company. The meaning of grace period is a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation
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How to use grace period in a sentence.
A grace period is a period immediately after the deadline for an obligation during which a late fee, or other action that would have been taken as a result of failing to meet the deadline, is waived provided that the obligation is satisfied during the grace period.
Grace period is extra days given after the due date to undertake an unfulfilled obligation without penalties They are a common instance in the financial world and are usually offered to clients who apply for credit cards, student loans, insurance, or mortgage to attract more customers. Extra time you are given to pay money you owe without losing something or paying an additional… A period after a due date or deadline during which an obligation may still be fulfilled without penalty or suspension of benefits
American heritage® dictionary of the english language, fifth edition Copyright © 2016 by houghton mifflin harcourt publishing company
