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COOLING CLAUSEPresented by Neumann White Attorneys cooling-off clause came into effect from 27 November 1998. The cooling-off clause is entrenched in the Alienation of Land Act and not in the Estate
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The cooling-off clause is a provision in a contract that allows one or both parties to terminate the agreement within a specified period without any penalties or repercussions.
Both the buyer and the seller may be required to include a cooling-off clause in a contract, depending on the jurisdiction and the nature of the agreement.
To fill out a cooling-off clause, include a clear statement in the contract specifying the duration of the cooling-off period, the conditions for invoking the clause, and any necessary procedures for termination.
The purpose of a cooling-off clause is to provide a safety net for parties involved in a contract, allowing them to reconsider their decision and withdraw from the agreement if needed, typically within a specified time period.
The cooling-off clause should include details such as the duration of the cooling-off period, any specific requirements or procedures for terminating the contract during this period, and any potential consequences or limitations.
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