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Grace Period
A set amount of time after a payment is due during which a late fee will not be charged.
More Details
A grace period is a predetermined amount of time during which certain conditions or obligations can be met without incurring a penalty. The concept of a grace period is often used in the context of financial agreements, such as loans, credit cards, and insurance policies.
Example
Your credit card may have a grace period of 21 days, which means that you have 21 days from the end of your billing cycle to pay your balance in full without incurring any interest charges
Related Terms
Loan
A sum of money that is borrowed by an individual or entity from a lender, typically with the expectation that the loan will be repaid with interest.
Forged Check
A check that has been altered or created without the permission of the person or entity named as the payee. It is a form of fraud.
Estate Planning
The process of organizing and arranging for the management of a person's assets and property after their death.