Grace
This query is : Resolved
26 October 2013
Its a convention which has been further accepted as law under section 22 of the Negotiable Instruments Act, 1881.
talking about reason, it is a convention almost under all the commercial acts that a time period is given for payment against liability before any interest or penalty clause set in. They could have kept the grace as 5 days also or for that matter a week too.
talking about reason, it is a convention almost under all the commercial acts that a time period is given for payment against liability before any interest or penalty clause set in. They could have kept the grace as 5 days also or for that matter a week too.
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