Terms and conditions are the general and special arrangements, provisions, requirements, rules, specifications, and standards that a company follows. These specifications are an integral part of an agreement or contract that the company gets into with its customers, suppliers or partners.
Content of Terms and Condition can be formatted as per your preference, and also insert images where needed. If you have expertise in HTML, you will also find option to edit the content of Terms and Condition in HTML.
This also allows you to use Terms and Condition master for footer, which otherwise is not available in ERPNext as dedicated functionality. Since contents of Terms and Condition is always the last to appear in the print format, details of footer should be inserted at the end of the content, so that it actually appears as footer in the print format.