cooling off period

Definitions

Accounting

  • noun
    (written as cooling-off period)
    a period when negotiations have to be carried on and no action can be taken by either side
  • noun
    (written as cooling-off period)
    a period during which someone who is about to enter into an agreement may reflect on all aspects of the arrangement and change his or her mind if necessary

Law

  • noun during an industrial dispute, a period when negotiations have to be carried on and no action can be taken by either side
  • noun a period of reflection allowed before making a legally binding commitment, e.g. before formally accepting an insurance policy
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