cooling-off period

Definitions (2)
Popular Terms
1. HR: Number of days that must elapse before a work stoppage (or lockout) can begin after serving a notice. This period is meant to reduce tensions after unsuccessful negotiations, by giving a chance to the possibility of resumption of talks.
2. Selling: Number of days during which a buyer can change his or her mind and cancel a purchase agreement or return a purchased item for full refund. Cooling off period is allowed in some countries for purchases involving long-term financial commitment, such as purchase of a condominium, or an expensive piece of jewelry. It is meant to act as a defense against high-pressure sales techniques.

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