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 ?
On September 25, 2009, the Utilities had filed claims against the Debtor seeking administrative priority status under Section 503(b)(9) of the Bankruptcy Code for the value of the electricity they had provided to the Debtor during the 20 day period prior to the Petition Date.
The latest indications are that the IVC chambers are starting to stabilise and the 20 day period is under way.
50, then at the Company s discretion, it may, within 10 days of such 20 day period, accelerate the expiry date of the Warrants to a date 30 days after the date of the notice.
65 during any 20 day period following the mandatory hold period.