ଅର୍ଥ : A period of time past the deadline for fulfilling an obligation during which a penalty that would be imposed for being late is waived, especially an extended period granted as a special favor.
ଉଦାହରଣ :
The payment had originally been due on April 1 but we had a grace period which expired in June..
ସମକକ୍ଷ : grace