It looks a bit weird and isn't the commonly used term, but is it not correct? The apostrophe would be marking the shortening of "terms" to "t" and "conditions" to "c", of course.
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It looks a bit weird and isn't the commonly used term
It's certainly a commonly used term, and a search finds plenty using each of the variants "Ts and Cs", "Ts & Cs", "T's and C's" and "T's & C's.
Whether one uses apostrophes with single-letter capital abbreviations is something different style guides differ on. If you aren't writing to a style-guide then I'd note that to not use the apostrophe is generally the more modern style, and being consistent one way or the other is a very good idea.
Jon Hanna
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– Edwin Ashworth Oct 18 '14 at 14:37