Definitions for grace period

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Random House Webster's College Dictionary

grace′ pe`riod(n.)

  1. 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

  1. grace period(Noun)

    A length of time during which rules or penalties do not take effect or are withheld.


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