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Shipping Policy
Having said that, a Shipping Policy is a legally binding document that is meant to establish the legal relations between you and your customers. It is the legal framework for presenting your obligations to your customers, but also to address different possible scenarios that may occur, and what happens in each and every case.
A Shipping Policy is a good practice and it helps both sides - you and your customers. Your customers may benefit from being informed about what they can expect from your service. You may benefit because people may be likely to shop with you if you have a clear Shipping Policy in place since there won't be any questions about your shipping timeframes or processes.
Return & Refund Policy
Having said that, a Refund Policy is a legally binding document that is meant to establish the legal relations between you and your customers regarding how and if you will provide them with a refund. Online businesses selling products are sometimes required (depending on local laws and regulations) to present their product return policy and refund policy. In some jurisdictions, this is needed in order to comply with consumer protection laws. It may also help you avoid legal claims from customers that are not satisfied with the products they purchased.