Not seeing anything about a grace period/ redemption status
http://www.domainnamesystems.com/legal.html
Quote:
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As consideration for the domain name registration services provided by DomainNameSystems, you shall pay all non-refundable applicable initial registration fees and renewal fees. You will be notified when renewal fees are due, and it shall be your responsibility to ensure that such fees are paid. Should these fees go unpaid by the expiration date specified in the renewal notice, your registration will be cancelled, and the name can be resold or reassigned to another party. You agree that DomainNameSystems shall have no liability whatsoever with respect to any such cancellation, and that DomainNameSystems may cancel or reassign the domain name in the event of delinquency.
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