cooling-off period

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cooling-off period

1. A period of time during a dispute wherein the parties involved do not communicate with one another as a means of reducing hostility and/or reconsidering their positions before taking further action. I think we both need a cooling-off period before one of us says something that we don't mean.
2. The time allowed after a purchase or the signing of a contract in which the buyer/signer may return the product or back out of the agreement without penalty or fee. I'm glad I had that cooling-off period after buying that sports car—there's no way I can actually afford it!
3. The period of time for which waste from nuclear fuel must be allowed to cool in water before being safely reprocessed or sent for permanent storage. If waste is not allowed its full cooling-off period, it could contaminate the environment and poison people.
See also: period
References in periodicals archive ?
But the Delhi High Court has said that one has to read both guidelines concurrently, which means that there has to be a cooling off period after two successive terms as secretary/ treasurer, if one is seeking to become the president," he said.
By the end of this year British Gas will ensure that switching is possible within just three days, after the statutory two-week cooling off period.
Ofgem's additional proposals to introduce next day switching by 2018 at the latest will still include the 14-day cooling off period but it will begin after a customer has changed supplier.
Also, no member can now hold the posts of secretary general and treasurer for more than two consecutive terms ( eight years), but can contest for the post of president subsequently, without a cooling off period.
This cooling off period basically means that within seven days of receiving their contract or cancellation notice, consumers can reconsider it and cancel if they are unsure - without penalty.
The purpose of the cooling off period is to enable an investor to reflect on whether he or she has made the right decision and no charges should be incurred if the contract is cancelled within the time limit.
MTA officials say the cooling off period is not necessary as negotiations with the drivers' United Transportation Union are progressing.
He added, ``The cooling off period applies to most cash contracts over pounds 35 which have been entered into during an unsolicited visit by a trader.
The crew members - represented by the Air Line Pilots Association - were released from mediated negotiations by the National Mediation Board on 29 May 2002, thus starting a mandated 30 day cooling off period.
If a timeshare contract is signed, there is a cooling off period of 14 days to cancel it at no cost and be refunded any money paid.
The IAM rejected the board's offer and a 30-day cooling off period will commence later this week.
On August 16, the NMB released the parties into the 30-day cooling off period mandated by the Railway Labor Act before either party can implement economic self-help.
Use the cooling off period to re examine your policy and cancel it if you are in any doubt.
The action is the first step in setting a cooling off period between the two sides, which would allow negotiations to continue without threat of a walkout by drivers or lockout by the MTA.
The 30-day cooling off period will end at 0001 local time on 28 June 2002.