For the longest time, we didn’t have a Terms & Conditions page on our sites. It was mainly due to laziness than anything else. Many advertisers and partners expect to see your Privacy Policy and Terms & Conditions pages. Besides, adding these pages is a great practice necessary for your protection. There are many places that offer templates for these types of documents. These 2 terms and conditions plugins can also help you get the job done faster:
Auto Terms of Service: creates a custom Terms of Service and Privacy Policy for your site. It is not perfect but beats having to come up with a Terms and Conditions document all by yourself.
Terms & Conditions: this plugin makes sure your visitors don’t miss your terms & conditions page. It is a great tool for growing communities.
I am not a lawyer, so I can’t tell you what you should or shouldn’t put in your Terms & Conditions document. If you are using free templates or T&C generators, make sure you read the final document before putting it up on your site.