term:

Moratorium

moratorium n

pl: -riums or: -ria
[New Latin, from Late Latin, neuter of moratorius dilatory, from morari to delay, from mora delay]
1 a : an authorized period of delay in the performance of an obligation (as the paying of a debt)
b : a waiting period set by an authority
2 : a suspension of activity

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.