Grace period. In insurance law, a period beyond the due date of premium during which insurance is continued in force and during which payment may be made to keep policy in good standing ... May also refer to period of time provided for in a loan agreement during which default will not occur even though payment is overdue.
Whereas this Decision does not prejudice measures of Member States to grant a period of grace for disposal, storage, placing on the market and use of existing stocks in accordance with the provisions of Article 4(6) of Directive 91/414/EEC ...
These loans shall normally comprise a grace period fixed by reference to the construction period of the project.
