Grace period

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A grace period is a time past the deadline for an obligation during which a late penalty that would have been imposed is waived. Grace periods, which can range from a number of minutes to a number of days or longer, depending on the context, can apply in various situations, including arrival at a job, paying a bill, for meeting government or legal requirement, or in many other situations.Some companies and organizations do not view one who fulfills an obligation within a grace period any differently. In these situations, a subject who is past due, but who meets the obligation within the grace period receives equal treatment and no penalty or negative reputation.

Other clients 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 longer time period before cutting off service.

Some china trading company or companies may suspend certain privileges during a grace period. For example, self storage services will often waive a late fee if the rent is not paid for up to several days past the due date, but will deny the tenant access to his/her unit until the bill is paid.




References:

1.http://en.wikipedia.org/wiki/Grace_period



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