ˌcooling-ˈoff ˌperiod BrE AmE noun [countable]
1 . British English a period of time after you have signed some types of sales agreement, when you can change your mind about buying something:
Customers signing new life policies will have a cooling-off period of 14 days in which to cancel.
2 . a period of time when two people or groups who are arguing about something can go away and think about how to improve the situation