in commerce, a certain number of days allowed for the payment of a bill or note, after the day on which it becomes due on its face. In most states of the Union and Great Britain, the days of grace are three, the number of days allowable being determined by the law of the place where the instrument is payable. In other countries it varies from three to thirty. If the last day of grace is a bank holiday the instrument is payable on the next to the last day of grace.