what is a grace period for work 
in employment the grace period refers to the time after a new shift begins in which a late employee will not face any penalty a typical grace period is seven minutes since most time clocks round to the nearest quarter hour there is also a grace period for foreign specialists on work visas if an employee is terminated from their sponsoring employer they may remain in the united states for up to two months to find a new job 5the bottom linegrace periods allow borrowers to miss a payment due date without suffering additional penalties a generous grace period can be a lifeline to forgetful borrowers or those with short term hardships however a grace period is not an excuse to miss a payment it s important to carefully read the terms of any contract in order to understand your obligations and options for payment 