GRACE PERIOD Definition

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GRACE PERIOD is the period of time between your statement date and the due date, i.e. it is the time period stipulated in most loan contracts and insurance policies during which a late payment will not result in penalties, default or cancellation.

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IMAGE PROCESSING SYSTEMS scan documents into electronic images for storage. Reference and source documents should not be retained after conversion.

IN THE RED means losing money; the opposite of "in the black."

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