A waiting period is the period of time between when an activity is requested or mandated and when it happens.
This waiting period enables the state to perform a background check to confirm that the purchaser is legally permitted to own a firearm.
Waiting periods are also useful for new insurance policies, especially health insurance and flood insurance. Incidents which occur during this time are not claimable. The term may also refer to the time between the payment of it and the making of a claim, also called the removal period.
In business finance, a waiting period (or quiet period) is the time where a firm making an initial public offering (IPO) must be silent about it, so as not to inflate the value of the stock artificially. It is likewise called the coolingoff period.
Other things possibly subject to waiting periods include merger and divorce proceedings.