Definitions for grace period
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Random House Webster's College Dictionary
grace′ pe`riod(n.)
an allowance of time after a payment of a loan, insurance premium, etc., becomes due before one is subject to penalties or before the loan, policy, etc., is canceled.
Category: Business
Wiktionary
grace period(Noun)
A length of time during which rules or penalties do not take effect or are withheld.
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"grace period." Definitions.net. STANDS4 LLC, 2013. Web. 22 May 2013. <http://www.definitions.net/definition/grace period>.