Grace Time (or Period) is the extra time period immediately after the due date for an obligation that is the provision in most loan and insurance contracts. The Grace Time is the waived time period by which the obligation is satisfied during the grace time or period. The Grace Time is not required by law, but lenders usually give one, and the law requires that they send a bill at least the Grace Time prior to the due date.
Related Definitions in the Project: The Project Management; The Project Contract; The Project Schedule
