Q.Write a short note on: Days of Grace.

Days of grace are the three extra days added to the nominal due date of a time bill to arrive at its actual date of maturity. For a bill payable a fixed period after date or after sight, the holder, by custom and law, allows the acceptor three additional days beyond the period stated in the bill before it must be paid. These three days are the days of grace. Thus, actual due date = date arrived at by adding the bill's period + 3 days of grace. For example, a bill drawn on 1 June payable 2 months after date matures on 1 August + 3 days = 4 August. (A bill payable 'on demand' or 'at sight' gets no days of grace.) …