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 ?
20 per share (less than half of the original subscription price), or would permit the holder to convert the debt at a conversion price equal to 70% of the average of the five lowest closing prices in the preceding twenty day period, with no new consideration.
After the twenty day period has passed, New York Health Care will resume trading under the symbol: NYHC.
At the end of that twenty day period, the common stock will again trade under the symbol "PCRVC," (with the appended "C" indicating the temporary exception under which the company's common stock will continue to be listed.

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