Grace Period definition: Copy, customize, and use instantly
Introduction
The term "Grace Period" refers to a specified period of time following a deadline or event during which a party can fulfill an obligation or make a payment without penalty or consequence. It often serves to provide a buffer for unforeseen circumstances.
Below are various examples of how "Grace Period" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Grace Period" as an extension for performance
This definition ties "Grace Period" to an extension for the performance of an obligation.
"Grace Period" means a defined period after the due date during which a party can fulfill their obligations without penalty or breach of contract.
Definition of "Grace Period" as an additional time frame
This definition connects "Grace Period" to an additional time frame for fulfilling obligations.
"Grace Period" refers to a period of time added after the original deadline, allowing the party to complete the necessary action without incurring penalties or interest.
Definition of "Grace Period" as a delay allowance
This definition links "Grace Period" to an allowance for delays.
"Grace Period" means a specified amount of time allowed beyond the original deadline during which a party can complete the required action or payment without consequence.
Definition of "Grace Period" as a period to remedy defaults
This definition applies "Grace Period" to a period to fix defaults or failures.
"Grace Period" refers to a period following a missed obligation, during which the party is allowed to remedy or correct their failure without facing penalties.
Definition of "Grace Period" as a time of leniency
This definition connects "Grace Period" to leniency before penalties are enforced.
"Grace Period" means a period of time after the due date during which the party is afforded leniency to meet the requirement without facing any formal consequences.
Definition of "Grace Period" as an extension of deadlines
This definition ties "Grace Period" to the extension of deadlines.
"Grace Period" refers to an extension of time granted after the original deadline, allowing a party to meet their obligations without facing late fees or penalties.
Definition of "Grace Period" as a short extension
This definition links "Grace Period" to a short extension beyond a set due date.
"Grace Period" means a brief period of time following the official deadline in which performance or payment may still occur without additional fees or penalties.
Definition of "Grace Period" as a period for compliance
This definition connects "Grace Period**"** to compliance with a requirement.
"Grace Period" refers to the extra time provided after the due date for a party to comply with their obligations without suffering any negative consequences.
Definition of "Grace Period" as a no-penalty extension
This definition ties "Grace Period" to an extension without penalty.
"Grace Period" means a time extension given after a missed deadline, during which no penalties or fees will be charged for the late performance.
Definition of "Grace Period" as a period of adjustment
This definition links "Grace Period" to an adjustment period.
"Grace Period" refers to a designated period after a deadline, during which a party is permitted to make adjustments or corrections to meet their contractual obligations without facing penalties.
Definition of "Grace Period" as a period for late payments
This definition ties "Grace Period" to late payments.
"Grace Period" means a set period following a payment due date during which late payments may be made without incurring late fees or other penalties.
Definition of "Grace Period" as a remedy for missed deadlines
This definition connects "Grace Period" to remedies for missed deadlines.
"Grace Period" refers to the additional time provided to a party who missed a deadline, during which they are allowed to fulfill their obligation without penalty or breach of contract.
Definition of "Grace Period" as an allowance for unforeseen delays
This definition links "Grace Period" to unforeseen delays.
"Grace Period" means a period of time granted after a specified due date to account for unexpected delays, allowing the party to complete their task without penalty.
Definition of "Grace Period" as a period to avoid default
This definition applies "Grace Period" to the avoidance of default.
"Grace Period" refers to the period after a deadline during which a party may take corrective action to avoid defaulting on their obligations.
Definition of "Grace Period" as a buffer time
This definition ties "Grace Period" to buffer time between deadlines.
"Grace Period" means the time between the original deadline and a new deadline during which a party can fulfill their obligations without facing adverse effects.
Definition of "Grace Period" as a brief respite
This definition connects "Grace Period" to a brief respite or delay.
"Grace Period" refers to a short, additional time period given to allow a party to fulfill their obligation without facing penalties for the missed deadline.
Definition of "Grace Period" as a final chance
This definition links "Grace Period" to a final opportunity to meet obligations.
"Grace Period" means the last opportunity given to fulfill an obligation after the deadline, usually without facing financial or legal consequences.
Definition of "Grace Period" as a last-minute adjustment period
This definition connects "Grace Period" to last-minute adjustments.
"Grace Period" refers to a period after a missed deadline, during which a party can still make adjustments or fulfill requirements without penalties.
Definition of "Grace Period" as a period before penalties apply
This definition ties "Grace Period" to the period before penalties are enforced.
"Grace Period" means a defined time frame after the due date, within which obligations can be met before any penalties, interest, or late fees apply.
Definition of "Grace Period" as an extension to prevent termination
This definition applies "Grace Period" to preventing termination of an agreement.
"Grace Period" refers to an extension given after the expiration of a deadline, which prevents the termination of the agreement or the imposition of penalties for a limited time.
Definition of "Grace Period" as a period for correcting defaults
This definition connects "Grace Period" to correcting defaults.
"Grace Period" means a period following the due date during which a party can remedy any default or failure to perform without facing any legal or financial penalties.
Definition of "Grace Period" as time for late action without consequence
This definition links "Grace Period" to time for late action without consequence.
"Grace Period" refers to a set period of time beyond a deadline during which actions can still be taken without incurring any adverse consequences.
Definition of "Grace Period" as a period to avoid further actions
This definition connects "Grace Period" to avoiding further actions like penalties.
"Grace Period" means an additional period of time following a missed deadline, during which a party can take corrective action to avoid further legal or financial consequences.
Definition of "Grace Period" as a chance to rectify late actions
This definition ties "Grace Period" to a chance to fix late actions.
"Grace Period" refers to the period of time following a deadline during which late actions can still be corrected without incurring penalties or facing legal action.
Definition of "Grace Period" as a short extension for compliance
This definition links "Grace Period" to short extensions for compliance.
"Grace Period" means a brief extension of time granted for a party to comply with an obligation after the deadline without facing penalties.
Definition of "Grace Period" as a time frame for final payment
This definition connects "Grace Period" to a time frame for final payment.
"Grace Period" refers to an additional period of time provided after the payment due date to allow the debtor to make the payment without incurring additional fees or penalties.
Definition of "Grace Period" as an allowance for completing an obligation
This definition ties "Grace Period" to completing an obligation.
"Grace Period" means a period of time during which a party is allowed to complete a pending obligation after the original deadline, without penalties.
Definition of "Grace Period" as a temporary reprieve
This definition links "Grace Period" to a temporary reprieve from penalties.
"Grace Period" refers to a temporary reprieve after the due date, where the party is permitted to meet their obligation without penalties.
Definition of "Grace Period" as an exception period for deadlines
This definition ties "Grace Period" to an exception for deadlines.
"Grace Period" means a specified time period following the due date in which a party may still fulfill an obligation without incurring consequences.
Definition of "Grace Period" as a period before legal consequences
This definition connects "Grace Period" to avoiding legal consequences.
"Grace Period" refers to a time allowance after the deadline, during which legal consequences such as penalties or termination will not be imposed.
Definition of "Grace Period" as an additional time to fulfill obligations
This definition links "Grace Period" to additional time granted to fulfill obligations.
"Grace Period" means an extra period of time granted to meet obligations, typically following the expiration of the original deadline.
Definition of "Grace Period" as an extra period to make adjustments
This definition ties "Grace Period" to making adjustments after a deadline.
"Grace Period" refers to a period following a deadline during which a party can make necessary adjustments or corrections without facing penalties.
Definition of "Grace Period" as a final extension
This definition connects "Grace Period" to a final extension to meet obligations.
"Grace Period" means the final extension granted after the original due date to fulfill the required action or payment, without facing any adverse consequences.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.