grace period: Meaning and Definition of

grace' pe"riod

Pronunciation: [key]
  1. a period of time after a payment becomes due, as of a loan or life-insurance premium, before one is subject to penalties or late charges or before the loan or policy is canceled.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
grace note gracias*
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