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:
“The heads of strong old age are beautiful
Beyond all grace of youth.”
—Robinson Jeffers (1887–1962)
“His singing carried me back to the period of the discovery of America ... when Europeans first encountered the simple faith of the Indian. There was, indeed, a beautiful simplicity about it; nothing of the dark and savage, only the mild and infantile. The sentiments of humility and reverence chiefly were expressed.”
—Henry David Thoreau (1817–1862)