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 ?
Closing the fund for a cooling-off period serves two purposes.
The current timeshare purchase 10-day cooling-off period is increased to 14 days, and includes a total ban on advance payments to sellersuntil the 14 days has expired.
The earlier legislation gives buyers the right to information in a prospectus before signing a contract, seeks to prevent 'pressure selling' by allowing for a cooling-off period of at least 10 days, and prohibits operators from taking deposits from buyers during the cooling-off period.