grace period — A period of time after a payment due date during which a financial obligation may be met without penalty or cancellation of the agreement
Part of speech: NOUN
Definition: A period of time after a payment due date during which a financial obligation may be met without penalty or cancellation of the agreement
Pronunciation (IPA): /ɡreɪs ˈpɪriəd/
Example Sentences
- My credit card company gives me a 25-day grace period, which is perfect for my procrastination habits.
- The insurance policy includes a 31-day grace period for premium payments.
- Thanks to the grace period, I avoided late fees even though I forgot to pay my rent on time... again.
grace period
NOUN[/ɡreɪs ˈpɪriəd/]
A period of time after a payment due date during which a financial obligation may be met without penalty or cancellation of the agreement
The bank gave him a grace period before charging late fees on his loan.
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🎤Pronunciation
🌳Etymology
Origin
Grace derives from Latin 'gratia' meaning favor or kindness, while period comes from Greek 'periodos' meaning cycle or span of time. The compound term evolved to denote a benevolent extension of time granted by a creditor, combining the sense of clemency with a defined temporal interval.
Breakdown
grace (Latin gratia: favor, kindness) + period (Greek periodos: cycle, duration). Together they form a compound meaning a merciful or favorable time allowance.
🎵Rhyme
🔗Collocations
📝Examples
“My credit card company gives me a 25-day grace period, which is perfect for my procrastination habits.”
“The insurance policy includes a 31-day grace period for premium payments.”
“Thanks to the grace period, I avoided late fees even though I forgot to pay my rent on time... again.”
“Students have a grace period of 6 months after graduation before loan repayment begins.”
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