Cooling-off period

Cooling-off period,

Definition of Cooling-off period:

  1. An interval during which two people or groups who are in disagreement can try to settle their differences before taking further action.

  2. Selling: Number of days during which a buyer can change his or her mind and cancel a purchase agreement or return a purchased item for full refund. Cooling off period is allowed in some countries for purchases involving long-term financial commitment, such as purchase of a condominium, or an expensive piece of jewelry. It is meant to act as a defense against high-pressure sales techniques.

  3. HR: Number of days that must elapse before a work stoppage (or lockout) can begin after serving a notice. This period is meant to reduce tensions after unsuccessful negotiations, by giving a chance to the possibility of resumption of talks.

How to use Cooling-off period in a sentence?

  1. A cooling-off period before industrial action can be taken.

Meaning of Cooling-off period & Cooling-off period Definition