I have an offer at Cognizant and my joining date is on October 11th. By when I should complete all the required steps in 1 C?

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First Accept the offer letter and completed background verification activities at the earliest . Pre joining formalities can be completed by 8th October ..

Can I back out after accepting the offer of I don't want to join?

Yes you can backout.. if you really have a good offer in hand.
Renegotiate would be difficult

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