waiting period

waiting period
Time period that must expire before some legal right or remedy can be undertaken or enforced. The period during which an insurance policy is not in effect or for which nothing will be paid on the policy. For example, if there is a waiting period of 30 days under a particular disability policy, the insured will have to be disabled for 30 days before a payment is made for loss of earnings.
In labor law, a period following a notice of intention to strike during which a strike may not lawfully take place.
See 29 U.S.C.A. No. 158(d).
In securities law, the period following registration of a security with Securities and Exchange Commission during which the security may not be sold to the public

Black's law dictionary. . 1990.

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