Extension
Delay, Postpone
If you still need more time to finish a project and you tell whoever is in charge beforehand you'll be able to get an extension. Then you'll be able to finish it.
ゆうよ
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.
お前に三日間の猶予を与えてやろう。
I suppose I’ll give you a three day extension.