grace

/greɪs/ noun [U]

Definition

› extra time after the normal date that a payment should be made, work should be finished, etc. during which there is no punishment for being late: give sb a month's/a week's/two weeks', etc. grace The bank gives customers a week's grace before charging a late fee. China will give foreign companies up to a two-year grace period before taxing their capital goods imports. → See also fall noun

(Definition of grace noun from the Cambridge Business English Dictionary © Cambridge University Press)