Forbearance Legal Meaning and Definition

Here is a simplified definition of the legal term Forbearance.

Forbearance (noun)

Forbearance refers to the voluntary act of refraining from enforcing a right, demand, or obligation. Typically in a legal context, it's a period graciously granted to someone for them to fulfill their obligations under a contract, often without demanding extra compensation. This term generally occurs with loans or debts, giving a debtor additional time to make payments.