What I have is a Terms of Service page for the whole site as I showed in the post. It is linked to from a policy document.

Then also a posting guideline that shows what and what not is acceptable and some tips on posting. Also linked to the Terms of service page.

My recommendation is combine the Policy with the guideline and create a terms of service page to link to. Terms of service page/link should be included in WP footer to be shown on every page.

My 2 Cents..