Grace period

{
  "id": "MLC-T-LAW-002338",
  "term": "Grace period",
  "field": "Law",
  "definition": "A specified length of time after a payment due date during which a penalty will not be imposed, or a right will not be forfeited. This allows for a brief delay in performance without immediate negative consequences. For example, many insurance policies include a grace period during which coverage remains active even if a premium payment is slightly late.",
  "url": "https://mlchart.com/terminology/law/grace-period/"
}