Encyclopedia

Grace Days


Grace days - favorable days provided by the bill of exchange legislation of certain countries, during which the payment period indicated on the bill is extended. Thus, according to English legislation, three grace days are established, i.e., a bill can only be presented for payment three days after its maturity date. In countries that have joined the Geneva Bill of Exchange Convention of 1930, grace days are not applied.

Source: Letter from the Bank of Russia dated 09.09.1991 No. 14-3/30 "On banking operations with bills"

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