Call out page and cancellation policy

I cannot figure out where or how to add our cancellation/ refund policy-- which is "NO REFUNDS will be given should you cancel, however you will have 1 year from original date of arrival to rebook your stay"
Do I make a custom field? Under booking or reservation??? And how can they initial beside it?
I also read something about a call field maybe going into effect and that was in 2014????? Surely its gone into effect, I just cant find it...

Yep, @Tim K, it's just something written into your agreement right now. We know there are cases for initialling clauses, a cancellation policy that's automatically enforced, etc. but cancellation is so rare and often has special cases so right now you're in full control of refunds etc and the system will not automatically refund for you. You will just follow the policy you outline in your renter agreement.