Definition of cooling-off period
: a period of time that must pass before someone can do something or before an agreement becomes final
The law requires a cooling-off period between the time a gun is purchased and when it may be possessed. The workers have agreed to a 30-day cooling-off period before they strike. Once you sign the contract, you have a 14-day cooling-off period within which to change your mind.
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Merriam-Webster unabridged
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