Hi,
When a license is within 60 days of its expiration date, it is considered to be in a warning period. After a license expires, the licensed feature continues to operate for a specified period of time.
This specified period of time is the grace period. If the grace period expires with no license renewal, all record of the license is removed. To regain product functionality when your license expires, you must renew and reactivate your license subscription.
Grace Period: Additional validity beyond expiration date.
Grace Seats: Additional seats beyond number of seats they have purchased
Product to product grace period may change.