a period of time during which two sides that disagree try to reach an agreement before taking further action, for example by going on strike
a period of time after somebody has agreed to buy something, such as an insurance plan, during which they can change their mind
Example:
- Customers signing new life policies will have a longer cooling-off period of 14 days.
- The customer has the right to cancel the contract during the seven-day cooling-off period.