cooling-off period

noun
a period arranged by agreement to allow for negotiation and an abatement of tension between disputing parties: The law calls for a cooling-off period before a strike can begin.

Origin:
1945–50

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
cooling-off period
 
n
1.  a period during which the contending sides to a dispute reconsider their options before taking further action
2.  a statutory period, often 14 days, that begins when a sale contract or life-assurance policy is received by a member of the public, during which the contract or policy can be cancelled without loss

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Example sentences
If you need a cooling-off period before looking at the reviewer's negative
  comments, that's fine.
Finally, a cooling-off period would have been inconsequential, since these
  weapons were purchased with malice aforethought.
Future generations might find a more harmonious way of living together, but
  only after a cooling-off period.
Finally, at the end of the second cooling-off period, the parties are free to
  engage in self-help.
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