General Grace Period Clause Samples
A General Grace Period clause establishes a set timeframe during which a party can remedy a breach or failure to perform certain obligations without facing immediate penalties or termination. Typically, this means that if a party misses a deadline or fails to meet a requirement, they are given a specified number of days to correct the issue after receiving notice from the other party. This clause helps prevent harsh consequences for minor or inadvertent breaches, promoting fairness and allowing contractual relationships to continue smoothly by providing an opportunity to cure defaults before more severe actions are taken.
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General Grace Period. Following payment of the initial Premium, a Grace Period of one (1) month shall be granted for the payment of any Premium. This Grace Period shall not extend beyond the date this Contract terminates. During the one (1) month Grace Period this Contract shall continue in force.
General Grace Period. Following payment of the initial premium, a Grace Period of 30 days shall be granted for the payment of any premium. This Grace Period shall not extend beyond the date this Contract terminates. During the Grace Period this Contract shall continue in force. Any claims incurred and submitted during the Grace Period will not be considered for payment until premium is received. If premium is not received within the Grace Period, claims incurred during the Grace Period will be denied and this Contract will automatically terminate retroactive to the last paid date of coverage.
General Grace Period. Following payment of the initial Premium, a Grace Period of one (1) month