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 ?
in the twenty-day period prior to the bankruptcy ("Twenty-Day Claims").
The amount of ViryaNet Ordinary Shares issued, as part of the stock consideration, will be determined using the average closing price per share for the twenty-day period prior to the date of the closing of the acquisition, provided that ViryaNet shall not be required to issue as part of the acquisition a number of Ordinary Shares exceeding 19.
The total value at closing may rise or fall based on the average per share price of Interchange stock for a twenty-day period prior to closing.