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Noun: grace period
  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

Encyclopedia: Grace period