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Question
Give word/term or phrase for the following statement.
The three extra days which are allowed over and above the period of the bill.
One Word/Term Answer
Solution
The three extra days which are allowed over and above the period of the bill.- Days of grace
Explanation: The date on which the payment of the bill becomes due is called the due date or the date of maturity. While calculating the due date, it is necessary to add three days to the period of the bill. These three days are known as 'days of grace'.
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Important Terms of Bills of Exchange - Days of Grace
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Give word / term or phrase for the following statement.
The three extra days which are allowed over and above the period of the bill.
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A bill of which payment to make on fixed period is after date bill.
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