Meaning of “cooling-off period” in the English Dictionary

"cooling-off period" in British English

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cooling-off periodnoun [ C usually singular ]

uk /ˌkuː.lɪŋˈɒf ˌpɪə.ri.əd/ us /ˌkuː.lɪŋˈɑːf ˌpɪr.i.əd/

(Definition of “cooling-off period” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"cooling-off period" in Business English

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cooling-off periodnoun [ C ]

uk us

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)