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Civil Law. The time allowed either by law or by agreement of the parties to do something.
Under All Risk insurance coverage, damage due to delay is not recoverable. Most underwriters have inserted a 'Delay Cause' in the Open Cargo Policy, which states specifically that damage caused by delay is not recoverable even if the delay was due to a peril insured against.
The law allows a delay for a party who has been summoned to appear to make defence and to appeal; it admits of a delay during which an action may be brought, certain rights exercised, and the like.
By the agreement of the parties there may be a delay in the payment of a debt, the fulfilment of a contract, etc.