Definitions for "Days of grace"
(See: grace period.)
The number of days the acceptor of a draft may go past due before being judged in default and triggering any guarantor to pay on the acceptor's behalf. When an avalized draft is sold to a forfaiter, the forfaiter will impute the days of grace into the financing period.
Policy holders are expected to apy premium on due dates. a period is 15-30 days is allowed as grace to make payment of premium; such period is days of grace.
Keywords:  expiry, evinced, renew, lapses, premium
Additional days allowed for the doing of some act after the expiry of the original time limit.
number of days for which insurance cover continues beyond the actual expiry date of a renewable policy. If the renewal premium is not paid within this period, the policy lapses.
A period after the renewal date of a policy during which cover continues provided the premium is paid before the end of the period and the insured has not evinced an intention not to renew.
The number of additional days after the date when a negotiable instrument is due that a bank may add for the purposes of calculating discount proceeds on the negotiable instrument because the bank expects that the payment may not be received in a timely manner.