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 ?
Yes, even for the post of president, a cooling off period is required," he said.
Currently switching takes around five weeks, which includes a statutory twoweek cooling off period that came into force in June.
The seven working day cooling off period usually starts on the day after you receive the goods.
In practice, the length of the cooling off period can vary.
A release into a thirty-day cooling off period is the only way to compel Midwest Express to deal with us fairly.
Mr Griffiths said the EU Timeshare Directive was a good model for protection because it provided: a right to a cooling off period for people who decide to buy into a timeshare; a ban on taking deposits during the cooling off period; and the right toaccu rate prior information in the buyer's own language.
This cooling off period will be three- and- a- half years, which is six months less than one term lasting four years.
The law states that traders who conduct their business by visiting consumers' homes, whether or not their visit is solicited or unsolicited by the consumer, are required to issue a seven day cancellation notice or cooling off period.
The regulations provide a seven day cooling off period from the day after signing the agreement, providing the purchase is over pounds 35.
His move to Anfield has been a done deal for some time and despite his comments in the past weeks about keeping his options open,I believe that is only to allow a cooling off period after leaving Valencia.
After thinking about it carefully and getting some advice he decided to cancel within the 14-day cooling off period that was allowed.