What is another word for REDEMPTION PERIOD?
Pronunciation: [ɹɪdˈɛmpʃən pˈi͡əɹɪəd] (IPA) 
The phrase "Redemption Period" refers to the length of time within which a borrower can repay a debt or mortgage after a default. However, this term can be interchangeable with other phrases such as "Repayment Phase," "Grace Period," "Reprieve Term," or "Reclaim Time." Alternatively, "Redemption Period" may also be described as a "Forgiveness Period" in which the lender may choose to waive or forgive the debt entirely. In some contexts, it may be known as the "Cure Period" in which the borrower has a chance to remedy the defaulted payment. Different industries may have their own specific terms for the "Redemption Period," so it is essential to be aware of these synonyms in the relevant field.
