Legal Dictionary of Pakistan

grace period.

A period of extra time allowed for taking some required action (such as making payment) without incurring the usual penalty for being late. 0 Insurance policies typically provide for a grace period of 30 days beyond the premium's due date, during which the premium may be paid without the policy being canceled. And Article ( of the UCC provides for a 10-day grace period, after the collateral is received, during which a purchase-money security interest must be perfected to have priority over any conflicting security interests. - Also termed days of grace; grace days.