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 ?
payment for the twenty-day period prior to their bankruptcy in July, 2008 ("Twenty-Day Claims") as MV Partners, LLC had not received payment of any such funds as of March 31, 2010.
The Company's shares had traded in the twenty-day period prior to the reverse split at an average price of $2.
in the twenty-day period prior to the bankruptcy ("Twenty-Day Claims").
Based on the twenty-day period, the average closing sale price per share of CP&L common stock for purposes of calculating the exchange ratio is $40.