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English definition of “cooling-off period”

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cooling-off period

noun [C]
 
 
COMMERCE a period of time during which you can change your mind about an agreement that you have made or something that you have decided to buy: Once you have bought an annuity, you cannot change your mind after the 14-day cooling-off period.
HR, WORKPLACE a period of time in which two groups who are arguing, for example employers and employees, can try to improve the situation before taking further action such as going on strike: By law, the mediation board must declare a 30-day cooling-off period.
(Definition of cooling-off period from the Cambridge Business English Dictionary © Cambridge University Press)
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