From Longman Dictionary of Contemporary Englishcooling-off periodˌcooling-ˈoff ˌperiod noun [countable] 1 BF British English a period of time after you have signed some types of sales agreement, when you can change your mind about buying something Customers signing new life policies will have a cooling-off period of 14 days in which to cancel.2 PAUSEa period of time when two people or groups who are arguing about something can go away and think about how to improve the situation
Examples from the Corpus
cooling-off period• It would certainly be possible for a cooling-off period to be introduced in Britain.• The favoured strategy so far has been to introduce a cooling-off period before industrial action could be taken.• The idea is to ensure an orderly market by giving market participants a cooling-off period with a chance to reassess their positions.• A 28-day cooling-off period after buying a gun is required by law.• The governor hoped a 60-day cooling-off period would avoid a strike.• His cooling-off period does not expire until the end of seven days following the acceptance.• During a three-month cooling-off period, negotiations would begin on the future of all the republics and provinces.• The customer is given the right to cancel the contract during the cooling-off period.• It was as if, having goaded her to the point of total capitulation, he'd opted for a wary cooling-off period.• Crucially, they can not take advantage of the two week cooling-off period available to individuals.From Longman Business Dictionarycooling-off periodˌcooling-ˈoff ˌperiod1COMMERCE a period of time, usually between 10 and 20 days, in which you can think about a contract you have just signed and change your mind about entering into itThe new Timeshare Act gives you a 14-day cooling-off period, so you can pull out of buying.2HUMAN RESOURCES in a disagreement between employers and employees, a period of time during which workers are not allowed to strike or during which employers are not allowed to prevent workers from workinga 90-day cooling-off period before strike action started → period 