Cancellation policies are client's penalties in case of cancellation of the reservation. These can be defined at Contract level, when inserting a new one or even by modifying an existing one.
On the contract page you can define a set the hours and the amount of penalty (in percentage or monetary amount) that will apply in case of cancellation within the hours defined. Also, it is possible to define the cancellation policies specialized by period, by clicking on the Cancellations button on the opened contract page. These policies will invalidate the default cancellation policies on contract level during the given period of dates.