This is a great feature for creating your own cancellation policy wording as well as creating your own terms and conditions.
Music schools have the option to set these up on a per-teacher or per-facility basis. If you have a different set of terms for your instructors than you do for your rehearsal rooms, you can easily manage both.
Links to your policies are automatically displayed on the booking overview screen, requiring students and customers to check a box agreeing to your terms before completing their booking.