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:
“But those rare souls whose spirit gets magically into the hearts of men, leave behind them something more real and warmly personal than bodily presence, an ineffable and eternal thing. It is everlasting life touching us as something more than a vague, recondite concept. The sound of a great name dies like an echo; the splendor of fame fades into nothing; but the grace of a fine spirit pervades the places through which it has passed, like the haunting loveliness of mignonette.”
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“The post-office had a great charm at one period of our lives. When you have lived to my age, you will begin to think letters are never worth going through the rain for.”
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