A grace period is a time past the deadline for an obligation during which a late penalty that would have been imposed is waived. Grace periods, which can range from a number of minutes to a number of days or longer, depending on the context, can apply in various situations, including arrival at a job, paying a bill, for meeting a government or legal requirement, or in many other situations.
In law, a grace period is a time period during which a particular rule exceptionally does not apply, or only partially applies. For the grace period in patent law, see novelty (patent).
Read more about Grace Period: Types of Grace Periods, Advantages and Disadvantages, Credit Cards
Famous quotes containing the words grace and/or period:
“Jesu Crist us sende
Housbondes meke, yonge, and fresshe abedde,
And grace t’overbyde hem that we wedde.
And eek I preye Jesu shorte hir lyves
That wol nat be governed by hir wyves;
And olde and angry nigardes of dispence,
God sende hem sone verray pestilence.”
—Geoffrey Chaucer (1340?–1400)
“This [new] period of parenting is an intense one. Never will we know such responsibility, such productive and hard work, such potential for isolation in the caretaking role and such intimacy and close involvement in the growth and development of another human being.”
—Joan Sheingold Ditzion and Dennie Palmer (20th century)