What Is Verizon's Grace Period?by Si Kingston
Verizon offers a variety of different services including wireless plans. Its wireless services is the only service that requires a contract and therefore offers a grace period. A grace period gives the customer a certain amount of time to rescind after the contract is signed with little to no penalty.
Verizon Wireless offers all customers a grace period, during which they can cancel their service contracts. Service contracts can be cancelled without penalty up to 14 days after the contract is signed. Customers have the option of cancelling in person at a Verizon Wireless retail outlet or by calling customer service.
All purchased equipment must be returned on the date the contract is cancelled or charges will be assessed. Within the 14-day grace period, customers can receive a refund minus a $35 restocking fee for returned devices. An increased restocking fee of $75 is charged to return netbooks and tablets. Handsets and other devices must be in good condition. Damaged items that are returned could result in additional fees which will be assessed at the time of receipt by a Verizon representative.
Customers who cancel beyond the grace period and before their contract is up will be charged a termination fee. As of 2011, the termination fee is $175 minus $5 for every month of actual service used. Customers who signed a contract for an advanced device, such as a Android phone, must pay an increased termination fee of $350 minus $10 for every month of service used.
Verizon reserves the right to refuse to end your contract during the grace period if all equipment is not returned. For instance, items received through a "buy one, get one free" deal must both be returned for the contract to be voided. Upgraded handsets and other items must be returned, even if they are not the original item purchased at the start of the contract. Open software programs may not be returned and can only be exchanged for the exact same item.