Meaning - Cancellation Policy defines that who can / how to cancel the order.
Who Can Cancel - Customer can cancel the order before dispatching of the order or company can itself cancel the order if any faulty, payment issues found etc.
Refunds On Cancellation - If cancelled order requires any refund to be given back to the customer, then the refund will be credited in next 1-2 working days.
Note 1 - Company(We) can cancel any order if found faulty, payment issues etc from our end without any prior notice to the concern customer and customer cannot sue us for that.
Note 2 - Company have all the rights to cancel the order without any notice to the customer.