Merge pull request #104211 from yashesvi/patch-29

updated 12% penalty language

Author: PRMerger14

articles/cost-management-billing/reservations/exchange-and-refund-azure-reservations.md

@@ -8,7 +8,7 @@ ms.devlang: na
 ms.topic: conceptual
 ms.tgt_pltfrm: na
 ms.workload: na
-ms.date: 01/24/2020
+ms.date: 02/12/2020
 ms.author: banders
 ---
 
@@ -67,12 +67,10 @@ Azure has the following policies for cancellations, exchanges, and refunds.
 - There's no penalty or annual limits for exchanges.
 
 **Refund policies**
-- If you cancel a reservation, there may be a 12% early termination fee.
-- The refund you receive for a cancellation is the remaining pro-rated balance minus the 12% early termination fee. To cancel, go to the reservation in the Azure portal and select **Refund**.
+- There may be a 12% early termination fee for cancellations in future. We are currently not charging this penalty.
 - Your total refund amount can't exceed $50,000 USD in a 12-month rolling window.
 - Refunds are calculated based on the lowest price of either your purchase price or the current price of the reservation.
-- Only reservation owners can process a refund. [Learn how to Add or change users who can manage a reservation](manage-reserved-vm-instance.md#add-or-change-users-who-can-manage-a-reservation).
-- Microsoft reserves the right to charge a 12% penalty for any returns. The penalty isn't currently charged, but will be charged in future.
+- Only reservation order owners can process a refund. [Learn how to Add or change users who can manage a reservation](manage-reserved-vm-instance.md#add-or-change-users-who-can-manage-a-reservation).
 
 ## Exchange non-premium storage for premium storage