cooling-off
- how to read
- How to read in Japanese: cooling-off
- synonyms
- antonym
Cooling-off is a special system to protect consumers as stipulated in the Specified Commercial Transactions Act and other laws. It covers contracts in surprise transactions such as door-to-door sales, and contracts in complex and high-risk transactions such as pyramid schemes.
If you have entered into these contracts, you can unilaterally and unconditionally withdraw your application or cancel the contract you have entered into within a certain period of time. Depending on the nature of the transaction, the cooling-off period is set at 8 days or 20 days, including the day of receipt of the contract document.
In the event of a cooling-off, the vendor cannot claim a penalty or damages from the consumer, and if money has been received, it must be returned to the consumer. The cooling-off procedure must always be done in writing and the notice must be given within the time period.