Grace period
A period of grace is when you have a specified period of time in which to do something. In the world of finance a grace period is the window in which you have to make a payment, typically on a loan of some sort. For instance on a credit card bill there may be a 20 day period in which you can pay off the bill without incurring any interest or other charges, this is the grace period. Sometimes this is called a free period.
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