cooling-off period

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Cooling-Off Period

An interval of time during which no action of a specific type can be taken by either side in a dispute. An automatic delay in certain jurisdictions, apart from ordinary court delays, between the time when Divorce papers are filed and the divorce hearing takes place. An amount of time within which a buyer is permitted to cancel a contract for the purchase of consumer goods—designed to effect Consumer Protection. A number of states require that a three-day cancellation period must be allowed purchasers following door-to-door sales.

A cooling-off period is frequently used in labor disputes. There might, for example, be a period of one month following the filing of a grievance by a union or company against the other, during which neither the union nor the company is allowed to take retaliatory actions against each other.

cooling-off period

a time during which a person can withdraw from a binding contract without any serious penalty. A cooling-off period is not normally available. Such provisions can be found in relation to CANCELLATION of consumer credit contracts, TIMESHARE contracts and DISTANCE SELLING contracts among others.
References in periodicals archive ?
The latest indications are that the IVC chambers are starting to stabilise and the 20 day period is under way.
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Omni has the right, at anytime after the first anniversary, to require conversion into Omni common stock if the average closing price of Omni stock averages more than $5/share for any consecutive 20 day period.
The materials break down over a 20 day period and impurities are removed to produce the gas.
At the conclusion of the 20 day period, the ticker will return to "SNTO.
These shares are convertible into Dundee Wealth common shares at any time in whole or in part at the option of the holder within the 5 year term, and by Dundee Wealth at any time after the Dundee Wealth common shares trade above $10 per share for a cumulative 20 day period.
00 or 83% of the average of the three lowest closing prices of Trinity USA's common stock during the 20 day period prior to the conversion.
So the company must maintain to meet the listing criteria during this 10 to 20 day period.
The purchase price was based on the average price of the stock during the 20 day period prior to the closing plus a premium of 10%.