What is Cancellation ?
Cancellation is (noun) 1. the act of cancelling something Cancellations will be accepted until a week before departure. A cancellation fee of £50 will be charged. 2. a seat, ticket or appointment which is available again because the person who bought it cannot use it If we have a cancellation for next week I’ll call and let you know.
source: Easier English, Student Dictionary Upper Intermediate Level