Checkout Terms & Conditions displays during Step 2 of the checkout process, just before the shopper finalizes their purchase. Modern Retail will place "boilerplate" text for you; however you can edit or amend the text so that it suits your business practices.
This text is controlled in Store Manager > Website > Checkout & Credit Cards. In addition to editing the text you can require shoppers to confirm they have read the terms and conditions at checkout. Simply check the box!
The terms & conditions display during Step 2 of Checkout, before the shopper has finalized their purchase.