grace period
n.
► A period in which a debt may be paid without accruing further interest or penalty.
► A period in which an insurance policy is effective even though the premium is past due.

[TahlilGaran] American Dictionary ▲

grace period
a period of time (often about 30 days) after the due date for something
I was given a 30-day grace period in which to pay the speeding ticket.

[TahlilGaran] English Idioms Dictionary ▲

grace period
n. The time or extra time allowed in which to do something.
Most insurance companies have a grace period of one month for payments.
The teacher gave the class a week's period of grace to finish workbooks.

[TahlilGaran] English Idioms Dictionary ▲