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English definition of “cooling-off period”

cooling-off period

noun [C usually singular]     /ˌkuː.lɪŋˈɒfˌpɪə.ri.əd/ US  /-ˈɑːfˌpɪr.i-/
an agreed length of time in which someone can decide not to buy something they have agreed to buy , or a period in which two groups who are arguing can try to improve the situation before taking further action : There is a 20-day cooling-off period in which the investor can choose to back out of the contract .Industrial action
(Definition of cooling-off period noun from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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