What is meant by Redemption Grace Period?
Redemption Grace Period is a method devised by "ICANN" (Internet Corporation for Assigned Names and Numbers) in order to eliminate the domain sniping activities.
Through this method a domain owner can renew his expired domain within 30 days from the expiry date. In the mean time others will be denied permission to register the expired domain. Note that domain name cannot be registered by another registrant during the 'Redemption Grace Period'.