sec.27Cooling-off period

sec.27 Cooling-off period

A heads of agreement entered into by the parties to a mediation is subject to a cooling-off period during which the farmer may revoke the agreement (the cooling-off period ) unless the parties agree to waive the cooling-off period under this section. If the parties do not waive the cooling-off period, the period— starts when the parties enter into the heads of agreement; and ends on— if the parties have agreed on a day on which the cooling-off period ends and the day is noted on the heads of agreement—the agreed day; or otherwise—the day that is 10 business days after the parties entered into the heads of agreement. The parties to a heads of agreement may agree to— waive the cooling-off period for the agreement; or at any time before the cooling-off period ends under subsection (2) (b) , shorten or extend the cooling-off period. However, the parties to a heads of agreement may waive or shorten the cooling-off period for the agreement only if the farmer has had a reasonable opportunity to seek legal advice about— the agreement; and waiving or shortening the cooling-off period. The agreement must be in writing. (sec.27-ssec.1) A heads of agreement entered into by the parties to a mediation is subject to a cooling-off period during which the farmer may revoke the agreement (the cooling-off period ) unless the parties agree to waive the cooling-off period under this section. (sec.27-ssec.2) If the parties do not waive the cooling-off period, the period— starts when the parties enter into the heads of agreement; and ends on— if the parties have agreed on a day on which the cooling-off period ends and the day is noted on the heads of agreement—the agreed day; or otherwise—the day that is 10 business days after the parties entered into the heads of agreement. (sec.27-ssec.3) The parties to a heads of agreement may agree to— waive the cooling-off period for the agreement; or at any time before the cooling-off period ends under subsection (2) (b) , shorten or extend the cooling-off period. (sec.27-ssec.4) However, the parties to a heads of agreement may waive or shorten the cooling-off period for the agreement only if the farmer has had a reasonable opportunity to seek legal advice about— the agreement; and waiving or shortening the cooling-off period. (sec.27-ssec.5) The agreement must be in writing.

• (a) starts when the parties enter into the heads of agreement; and
• (b) ends on— (i) if the parties have agreed on a day on which the cooling-off period ends and the day is noted on the heads of agreement—the agreed day; or (ii) otherwise—the day that is 10 business days after the parties entered into the heads of agreement.
• (i) if the parties have agreed on a day on which the cooling-off period ends and the day is noted on the heads of agreement—the agreed day; or
• (ii) otherwise—the day that is 10 business days after the parties entered into the heads of agreement.