WordWeb Online

1. A period of time past the deadline for fulfilling an obligation during which a penalty that would be imposed for being late is waived, especially an extended period granted as a special favour
   "The payment had originally been due on April 1 but we had a grace period which expired in June.";
   - grace

Derived forms: grace periods

Type of: period, period of time, time period, time span

Encyclopedia: Grace period