cooling-off period Meaning in the Cambridge English Dictionary
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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.lɪŋˈɒfˌpɪə.ri.əd/  us   /-ˈɑːfˌpɪr.i-/
an ​agreedlength 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 ​furtheraction: There is a 20-day cooling-off ​period in which the ​investor can ​choose to back out of the ​contract.
(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 ​exampleemployers and ​employees, can ​try to ​improve the ​situation before taking further ​action such as going on ​strike: By ​law, the ​mediationboard 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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