grace
noun [ U ]
uk/ɡreɪs/ usextra 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