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Cooling-Off Period

   Also found in: Dictionary/thesaurus, Medical, Financial, Wikipedia 0.01 sec.

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.



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Closing the fund for a cooling-off period serves two purposes.
It will give consumers a 14-day cooling-off period to pull out of the deals.
If you decide to have the work done or to receive goods within the seven day cooling-off period, you should sign your written agreement to accept.
 
 
 
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