cooling off period


Also found in: Legal, Financial, Idioms, Wikipedia.

cooling off period

A period of time in which a party to a contract may decide not to continue with the contract, usually without penalty.
References in periodicals archive ?
It is evident from the guidelines that a cooling off period is required for the re- election to the post of secretary general or treasurer, if either of that position has been held for eight years.
The changes, which come in to force at the end of the year, mean that once a customer signs up with a new supplier, the switch will take place three days after the statutory 14-day cooling off period.
Under the proposals - agreed by the energy industry - from December 31 households will be able to change supplier after just three days plus a 14-day cooling off period.
Upon completion of the cooling off period he will take up an executive position within the PointBreak Group Namibia.
If you decide to cancel your order within the cooling off period, you must tell the trader in writing.
The extension of the conciliation period cannot be extended without the agreement of Jazz Air and ALPA and it currently ends on 22 May 2010, after which a 21 day cooling off period will begin.
If you have not signed agreeing to receive goods or services within the cooling-off period, you can cancel any time within the cooling off period and pay nothing.
When skirmishes followed the referee told the teams to leave the field for a cooling off period but was then subjected to severe verbal abuse.
They said there was to be a seven-day cooling off period and sent them home.
OTE members must provide a cooling off period of 15 days, while the EU Timeshare Directive provides a minimum 10-day cooling off period, in which it is permitted to change your mind and get your money back.
We have had to take a bit of time out and have a bit of a cooling off period," said Klass.