GRACE PERIOD

In law, a 'grace period' is a period of time during which a particular rule exceptionally does not apply, or only partially applies. For the grace period in patent law, see novelty (patent).
In personal finance, a 'grace period' is the period during which no interest is charged on a credit card. See Credit card interest for further information.
A period of time after a payment due date within which the fee can be paid without penalty. For example, late charges may not be incurred for rental payments due on the first of the month if they are paid on or before the 10th of the month.