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:
“It’s nothing to be born ugly. Sensibly, the ugly woman comes to terms with her ugliness and exploits it as a grace of nature. To become ugly means the beginning of a calamity, self-willed most of the time.”
—Colette [Sidonie Gabrielle Colette] (1873–1954)
“Words convey the mental treasures of one period to the generations that follow; and laden with this, their precious freight, they sail safely across gulfs of time in which empires have suffered shipwreck and the languages of common life have sunk into oblivion.”
—Anonymous. Quoted in Richard Chevenix Trench, On the Study of Words, lecture 1 (1858)