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.
Examples from the web for grace period
Amazingly, no interest is charged during the grace period.
They already get a six-month grace period after that.
If they can't afford the repair, he hangs on to the motors for a three-month grace period.
Maybe there would be a grace period for allowing them to get their license if they'd never applied.
Many rental companies have abandoned or reduced the one-hour grace period they used to offer.
There's no grace period, and parking charges begin to accrue from the moment you cross the gate.
Your grace period will be six or nine months depending on the type of loan.
However, there will be a one-year enforcement grace period.
The grace period applies to qualifying vehicles only.
The first argument deals with the automatic extension of the statutory grace period if the pawnbroker is closed on the last day.