grace period is a period immediately after the deadline for an obligation during which a late fee , or other action that would have been taken as a result of failing to meet the deadline, is waived. Grace periods can ranks from a number of minutes to a number of days or skirt, and can apply in situations Including arrival at a job , paying a bill , gold rally has government or legal requirement.

In law , a period of time during which a particular rule applies, or only partially applies. For the grace period in patent law , see novelty (patent) .

Types

Business

Some companies and organizations do not view anyone who fulfills an obligation within a certain period of time. Thus, a person who is not entitled to be paid a penalty or a reputation.

In other cases, customers may receive a partial, less severe penalty. For example, many utility companies will charge a small late fee for those who do not pay their bill by the stated due date. However, the utility service provider will wait a long time before cutting off service .

Some companies may suspend certain privileges during a grace period. For example, self storage services will often pay a fee for a few days before the bill is paid. [1]

Politics

In politics, a grace period or honeymoon period May be Observed During the transition to a new administration as “initial year period of harmony and goodwill.” [2] [3]

Advantages and disadvantages

Grace periods can provide some advantages. For example, people who have been living with their children for a period of time, have a rare occasion due to special circumstances,.

However, habitual procrastinators may come to view the grace period as the actual deadline, and if, due to unforeseen circumstances, they are occasionally late beyond that, they might complain about the applied penalty. [4]

Credit cards

In personal finance , a period of time is the period during which the. See Credit card interest for further information.

A time period after a payment due date. For example, late payments may not be due for tax purposes, but they are paid on or before the 10th of the month. [5]

See also

  • Grandfather clause
  • Sunset clause
  • Turn-off instructions

References

  1. Jump up^ “An extensive tutorial on the types of Grace Period and their implementation” . American Express. Archived from the original on 6 March 2007.
  2. Jump up^ “Honeymoon | Define Honeymoon at Dictionary.com” . Dictionary.com . Dictionary.com, LLC . Retrieved January 30, 2017 . Any New Relationship by an Initial Period of Harmony and Goodwill
  3. Jump up^ Debenedetti, Gabriel (January 26, 2017). “Democrats launch scorched-earth strategy against Trump – POLITICO” . Politics and Politics . POLITICO LLC . Retrieved January 30, 2017 . “They were entitled to a grace period, but it was midnight the night of the inauguration to 8 o’clock the next morning, when the administration sent out people to lie about numerous significant things. The Washington Gov. and the Grooming of the Presidency has already been profound, “said Washington Gov. Jay Inslee. “They were entitled to a grace period and they blew it. It’s been worse than I could imagined, the first few days. “
  4. Jump up^ “A USA Today article discussing the pros and cons of Grace Period” . Usatoday.com. 2005-05-24 . Retrieved 2013-07-16 .
  5. Jump up^ “Grace Periods in the context of Credit” . Partners.leadfusion.com . Retrieved 2013-07-16 .