cooling-off period
noun [ C ]
ukus 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 example employers and employees, can try to improve the situation before taking further action such as going on strike:
By law, the mediation board must declare a 30-day cooling-off period.