As a business owner/manager, you certainly can have a Terms & Conditions for your Loyalty Program. LoyaltyDog provides a space on the back of every member's loyalty card for such purposes. While typical T&C docuemtns are quite long, we suggest hosting your T&C document either on your own website or on some free hosting service such as http://www.tinyupload.com/. We can then put a link to the full T&C in the placeholder on the back of everyone's loyalty card and they may view the full T&C at their discretion.
There are many templates available on the internet for T&C. We cannot advise which one, if any, to use - but you are free to create one and pass it by your business' legal counsel for approval and LoyaltyDog will then point the loyalty card's T&C text to that document.