A cancellation policy is added to products by suppliers to set rules on how much to refund a customer if their booking is cancelled before a certain time. You can add more than rule to your policy which enables you to refund your customer 25% of the booking price if they cancel 24 hours before departure or 50% if they cancel with a 48-hour notice.
If you'd like to get more information on Bókun's Enhanced Refund Terms, check out this article: Enhanced Refund Terms: What are they and how do I add them?
If you haven't created your cancellation policies, check out this article that explains that process in detail: How to create a cancellation policy
To add cancellation policies to your Experiences, click Products > Experiences.
Select the Experience you want to add a cancellation policy to from your list of products.
Click Rates in the left-hand side menu
Click Edit next to the rate you want to add your cancellation policy to or, if needed, add a rate for your cancellation policy by selecting +Add rate.
Choose the cancellation policy you want to apply to your experience and click on the blue Submit button.
You've now added a cancellation policy to your Experience. Make sure to add cancellation policies to all of your rates in all of your Experiences.