Definitions for "Grace Period"
MP] A number of days, usually 10 to 15, that a borrower is allowed to be late in making the mortgage payment without suffering any penalty.
A period of time, often about 25 days, during which you can pay your credit card bill without incurring a finance charge. With most credit card accounts, the grace period applies only if you pay your balance in full each month. It does not apply if you carry a balance forward or in the case of cash advances. If your account has no grace period, interest will be charged on a purchase as soon as it is made. Compare credit cards offers online today.
Period past the due date of a premium during which coverage may not be cancelled.
See Satisfactory Academic Progress.