diff --git a/abi/contracts/account/CMAccount.sol/CMAccount.json b/abi/contracts/account/CMAccount.sol/CMAccount.json
index 15c02f1..eb7327e 100644
--- a/abi/contracts/account/CMAccount.sol/CMAccount.json
+++ b/abi/contracts/account/CMAccount.sol/CMAccount.json
@@ -1050,6 +1050,19 @@
     "stateMutability": "view",
     "type": "function"
   },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "acceptCancellation",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
   {
     "inputs": [
       {
@@ -1171,6 +1184,19 @@
     "stateMutability": "nonpayable",
     "type": "function"
   },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "cancelCancellationProposal",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
   {
     "inputs": [
       {
@@ -1219,6 +1245,29 @@
     "stateMutability": "nonpayable",
     "type": "function"
   },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "refundAmount",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "refundCurrency",
+        "type": "address"
+      }
+    ],
+    "name": "counterCancellationProposal",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
   {
     "inputs": [],
     "name": "getAllServiceHashes",
@@ -1869,6 +1918,29 @@
     "stateMutability": "nonpayable",
     "type": "function"
   },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "refundAmount",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "refundCurrency",
+        "type": "address"
+      }
+    ],
+    "name": "initiateCancellation",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
   {
     "inputs": [
       {
diff --git a/abi/contracts/booking-token/BookingTokenOperator.sol/BookingTokenOperator.json b/abi/contracts/booking-token/BookingTokenOperator.sol/BookingTokenOperator.json
index 9e991bc..61015db 100644
--- a/abi/contracts/booking-token/BookingTokenOperator.sol/BookingTokenOperator.json
+++ b/abi/contracts/booking-token/BookingTokenOperator.sol/BookingTokenOperator.json
@@ -19,5 +19,44 @@
     ],
     "name": "TokenApprovalFailed",
     "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "bookingToken",
+        "type": "address"
+      },
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "getCancellationProposalStatus",
+    "outputs": [
+      {
+        "internalType": "uint256",
+        "name": "refundAmount",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "refundCurrency",
+        "type": "address"
+      },
+      {
+        "internalType": "address",
+        "name": "initiatedBy",
+        "type": "address"
+      },
+      {
+        "internalType": "bool",
+        "name": "isActive",
+        "type": "bool"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
   }
 ]
diff --git a/abi/contracts/booking-token/BookingTokenV2.sol/BookingTokenV2.json b/abi/contracts/booking-token/BookingTokenV2.sol/BookingTokenV2.json
new file mode 100644
index 0000000..7db5759
--- /dev/null
+++ b/abi/contracts/booking-token/BookingTokenV2.sol/BookingTokenV2.json
@@ -0,0 +1,1574 @@
+[
+  {
+    "inputs": [],
+    "name": "AccessControlBadConfirmation",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "account",
+        "type": "address"
+      },
+      {
+        "internalType": "bytes32",
+        "name": "neededRole",
+        "type": "bytes32"
+      }
+    ],
+    "name": "AccessControlUnauthorizedAccount",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "target",
+        "type": "address"
+      }
+    ],
+    "name": "AddressEmptyCode",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "account",
+        "type": "address"
+      }
+    ],
+    "name": "AddressInsufficientBalance",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "implementation",
+        "type": "address"
+      }
+    ],
+    "name": "ERC1967InvalidImplementation",
+    "type": "error"
+  },
+  {
+    "inputs": [],
+    "name": "ERC1967NonPayable",
+    "type": "error"
+  },
+  {
+    "inputs": [],
+    "name": "ERC721EnumerableForbiddenBatchMint",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "sender",
+        "type": "address"
+      },
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "owner",
+        "type": "address"
+      }
+    ],
+    "name": "ERC721IncorrectOwner",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "operator",
+        "type": "address"
+      },
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "ERC721InsufficientApproval",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "approver",
+        "type": "address"
+      }
+    ],
+    "name": "ERC721InvalidApprover",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "operator",
+        "type": "address"
+      }
+    ],
+    "name": "ERC721InvalidOperator",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "owner",
+        "type": "address"
+      }
+    ],
+    "name": "ERC721InvalidOwner",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "receiver",
+        "type": "address"
+      }
+    ],
+    "name": "ERC721InvalidReceiver",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "sender",
+        "type": "address"
+      }
+    ],
+    "name": "ERC721InvalidSender",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "ERC721NonexistentToken",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "owner",
+        "type": "address"
+      },
+      {
+        "internalType": "uint256",
+        "name": "index",
+        "type": "uint256"
+      }
+    ],
+    "name": "ERC721OutOfBoundsIndex",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "expirationTimestamp",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "minExpirationTimestampDiff",
+        "type": "uint256"
+      }
+    ],
+    "name": "ExpirationTimestampTooSoon",
+    "type": "error"
+  },
+  {
+    "inputs": [],
+    "name": "FailedInnerCall",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "price",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "reservationPrice",
+        "type": "uint256"
+      }
+    ],
+    "name": "IncorrectPrice",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "sender",
+        "type": "address"
+      },
+      {
+        "internalType": "contract IERC20",
+        "name": "paymentToken",
+        "type": "address"
+      },
+      {
+        "internalType": "uint256",
+        "name": "price",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "allowance",
+        "type": "uint256"
+      }
+    ],
+    "name": "InsufficientAllowance",
+    "type": "error"
+  },
+  {
+    "inputs": [],
+    "name": "InvalidInitialization",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "NoActiveCancellationProposal",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "caller",
+        "type": "address"
+      }
+    ],
+    "name": "NotAuthorizedToAcceptCancellation",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "caller",
+        "type": "address"
+      }
+    ],
+    "name": "NotAuthorizedToCancelProposal",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "caller",
+        "type": "address"
+      }
+    ],
+    "name": "NotAuthorizedToCounterCancellation",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "caller",
+        "type": "address"
+      }
+    ],
+    "name": "NotAuthorizedToInitiateCancellation",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "account",
+        "type": "address"
+      }
+    ],
+    "name": "NotCMAccount",
+    "type": "error"
+  },
+  {
+    "inputs": [],
+    "name": "NotInitializing",
+    "type": "error"
+  },
+  {
+    "inputs": [],
+    "name": "ReentrancyGuardReentrantCall",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "expirationTimestamp",
+        "type": "uint256"
+      }
+    ],
+    "name": "ReservationExpired",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "reservedFor",
+        "type": "address"
+      },
+      {
+        "internalType": "address",
+        "name": "buyer",
+        "type": "address"
+      }
+    ],
+    "name": "ReservationMismatch",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "token",
+        "type": "address"
+      }
+    ],
+    "name": "SafeERC20FailedOperation",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "supplier",
+        "type": "address"
+      }
+    ],
+    "name": "SupplierIsNotOwner",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "TokenHasActiveCancellationProposal",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "reservedFor",
+        "type": "address"
+      }
+    ],
+    "name": "TokenIsReserved",
+    "type": "error"
+  },
+  {
+    "inputs": [],
+    "name": "UUPSUnauthorizedCallContext",
+    "type": "error"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "bytes32",
+        "name": "slot",
+        "type": "bytes32"
+      }
+    ],
+    "name": "UUPSUnsupportedProxiableUUID",
+    "type": "error"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "owner",
+        "type": "address"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "approved",
+        "type": "address"
+      },
+      {
+        "indexed": true,
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "Approval",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "owner",
+        "type": "address"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "operator",
+        "type": "address"
+      },
+      {
+        "indexed": false,
+        "internalType": "bool",
+        "name": "approved",
+        "type": "bool"
+      }
+    ],
+    "name": "ApprovalForAll",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": false,
+        "internalType": "uint256",
+        "name": "_fromTokenId",
+        "type": "uint256"
+      },
+      {
+        "indexed": false,
+        "internalType": "uint256",
+        "name": "_toTokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "BatchMetadataUpdate",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "acceptedBy",
+        "type": "address"
+      },
+      {
+        "indexed": false,
+        "internalType": "uint256",
+        "name": "refundAmount",
+        "type": "uint256"
+      },
+      {
+        "indexed": false,
+        "internalType": "address",
+        "name": "refundCurrency",
+        "type": "address"
+      }
+    ],
+    "name": "CancellationAccepted",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "counteredBy",
+        "type": "address"
+      },
+      {
+        "indexed": false,
+        "internalType": "uint256",
+        "name": "newRefundAmount",
+        "type": "uint256"
+      },
+      {
+        "indexed": false,
+        "internalType": "address",
+        "name": "newRefundCurrency",
+        "type": "address"
+      }
+    ],
+    "name": "CancellationCountered",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "initiatedBy",
+        "type": "address"
+      },
+      {
+        "indexed": false,
+        "internalType": "uint256",
+        "name": "refundAmount",
+        "type": "uint256"
+      },
+      {
+        "indexed": false,
+        "internalType": "address",
+        "name": "refundCurrency",
+        "type": "address"
+      }
+    ],
+    "name": "CancellationInitiated",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "canceledBy",
+        "type": "address"
+      }
+    ],
+    "name": "CancellationProposalCanceled",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": false,
+        "internalType": "uint64",
+        "name": "version",
+        "type": "uint64"
+      }
+    ],
+    "name": "Initialized",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": false,
+        "internalType": "uint256",
+        "name": "_tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "MetadataUpdate",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "bytes32",
+        "name": "role",
+        "type": "bytes32"
+      },
+      {
+        "indexed": true,
+        "internalType": "bytes32",
+        "name": "previousAdminRole",
+        "type": "bytes32"
+      },
+      {
+        "indexed": true,
+        "internalType": "bytes32",
+        "name": "newAdminRole",
+        "type": "bytes32"
+      }
+    ],
+    "name": "RoleAdminChanged",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "bytes32",
+        "name": "role",
+        "type": "bytes32"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "account",
+        "type": "address"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "sender",
+        "type": "address"
+      }
+    ],
+    "name": "RoleGranted",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "bytes32",
+        "name": "role",
+        "type": "bytes32"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "account",
+        "type": "address"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "sender",
+        "type": "address"
+      }
+    ],
+    "name": "RoleRevoked",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "buyer",
+        "type": "address"
+      }
+    ],
+    "name": "TokenBought",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "reservedFor",
+        "type": "address"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "supplier",
+        "type": "address"
+      },
+      {
+        "indexed": false,
+        "internalType": "uint256",
+        "name": "expirationTimestamp",
+        "type": "uint256"
+      },
+      {
+        "indexed": false,
+        "internalType": "uint256",
+        "name": "price",
+        "type": "uint256"
+      },
+      {
+        "indexed": false,
+        "internalType": "contract IERC20",
+        "name": "paymentToken",
+        "type": "address"
+      }
+    ],
+    "name": "TokenReserved",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "from",
+        "type": "address"
+      },
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "to",
+        "type": "address"
+      },
+      {
+        "indexed": true,
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "Transfer",
+    "type": "event"
+  },
+  {
+    "anonymous": false,
+    "inputs": [
+      {
+        "indexed": true,
+        "internalType": "address",
+        "name": "implementation",
+        "type": "address"
+      }
+    ],
+    "name": "Upgraded",
+    "type": "event"
+  },
+  {
+    "inputs": [],
+    "name": "DEFAULT_ADMIN_ROLE",
+    "outputs": [
+      {
+        "internalType": "bytes32",
+        "name": "",
+        "type": "bytes32"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [],
+    "name": "MIN_EXPIRATION_ADMIN_ROLE",
+    "outputs": [
+      {
+        "internalType": "bytes32",
+        "name": "",
+        "type": "bytes32"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [],
+    "name": "UPGRADER_ROLE",
+    "outputs": [
+      {
+        "internalType": "bytes32",
+        "name": "",
+        "type": "bytes32"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [],
+    "name": "UPGRADE_INTERFACE_VERSION",
+    "outputs": [
+      {
+        "internalType": "string",
+        "name": "",
+        "type": "string"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "acceptCancellation",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "to",
+        "type": "address"
+      },
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "approve",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "owner",
+        "type": "address"
+      }
+    ],
+    "name": "balanceOf",
+    "outputs": [
+      {
+        "internalType": "uint256",
+        "name": "",
+        "type": "uint256"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "buyReservedToken",
+    "outputs": [],
+    "stateMutability": "payable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "cancelCancellationProposal",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "newRefundAmount",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "newRefundCurrency",
+        "type": "address"
+      }
+    ],
+    "name": "counterCancellationProposal",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "getApproved",
+    "outputs": [
+      {
+        "internalType": "address",
+        "name": "",
+        "type": "address"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "getCancellationProposalStatus",
+    "outputs": [
+      {
+        "internalType": "uint256",
+        "name": "refundAmount",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "refundCurrency",
+        "type": "address"
+      },
+      {
+        "internalType": "address",
+        "name": "initiatedBy",
+        "type": "address"
+      },
+      {
+        "internalType": "bool",
+        "name": "isActive",
+        "type": "bool"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [],
+    "name": "getManagerAddress",
+    "outputs": [
+      {
+        "internalType": "address",
+        "name": "",
+        "type": "address"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [],
+    "name": "getMinExpirationTimestampDiff",
+    "outputs": [
+      {
+        "internalType": "uint256",
+        "name": "",
+        "type": "uint256"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "getReservationPrice",
+    "outputs": [
+      {
+        "internalType": "uint256",
+        "name": "price",
+        "type": "uint256"
+      },
+      {
+        "internalType": "contract IERC20",
+        "name": "paymentToken",
+        "type": "address"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "bytes32",
+        "name": "role",
+        "type": "bytes32"
+      }
+    ],
+    "name": "getRoleAdmin",
+    "outputs": [
+      {
+        "internalType": "bytes32",
+        "name": "",
+        "type": "bytes32"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "bytes32",
+        "name": "role",
+        "type": "bytes32"
+      },
+      {
+        "internalType": "address",
+        "name": "account",
+        "type": "address"
+      }
+    ],
+    "name": "grantRole",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "bytes32",
+        "name": "role",
+        "type": "bytes32"
+      },
+      {
+        "internalType": "address",
+        "name": "account",
+        "type": "address"
+      }
+    ],
+    "name": "hasRole",
+    "outputs": [
+      {
+        "internalType": "bool",
+        "name": "",
+        "type": "bool"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "manager",
+        "type": "address"
+      },
+      {
+        "internalType": "address",
+        "name": "defaultAdmin",
+        "type": "address"
+      },
+      {
+        "internalType": "address",
+        "name": "upgrader",
+        "type": "address"
+      }
+    ],
+    "name": "initialize",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "refundAmount",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "refundCurrency",
+        "type": "address"
+      }
+    ],
+    "name": "initiateCancellation",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "owner",
+        "type": "address"
+      },
+      {
+        "internalType": "address",
+        "name": "operator",
+        "type": "address"
+      }
+    ],
+    "name": "isApprovedForAll",
+    "outputs": [
+      {
+        "internalType": "bool",
+        "name": "",
+        "type": "bool"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "account",
+        "type": "address"
+      }
+    ],
+    "name": "isCMAccount",
+    "outputs": [
+      {
+        "internalType": "bool",
+        "name": "",
+        "type": "bool"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [],
+    "name": "name",
+    "outputs": [
+      {
+        "internalType": "string",
+        "name": "",
+        "type": "string"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "ownerOf",
+    "outputs": [
+      {
+        "internalType": "address",
+        "name": "",
+        "type": "address"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [],
+    "name": "proxiableUUID",
+    "outputs": [
+      {
+        "internalType": "bytes32",
+        "name": "",
+        "type": "bytes32"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "bytes32",
+        "name": "role",
+        "type": "bytes32"
+      },
+      {
+        "internalType": "address",
+        "name": "callerConfirmation",
+        "type": "address"
+      }
+    ],
+    "name": "renounceRole",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "bytes32",
+        "name": "role",
+        "type": "bytes32"
+      },
+      {
+        "internalType": "address",
+        "name": "account",
+        "type": "address"
+      }
+    ],
+    "name": "revokeRole",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "reservedFor",
+        "type": "address"
+      },
+      {
+        "internalType": "string",
+        "name": "uri",
+        "type": "string"
+      },
+      {
+        "internalType": "uint256",
+        "name": "expirationTimestamp",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "price",
+        "type": "uint256"
+      },
+      {
+        "internalType": "contract IERC20",
+        "name": "paymentToken",
+        "type": "address"
+      }
+    ],
+    "name": "safeMintWithReservation",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "from",
+        "type": "address"
+      },
+      {
+        "internalType": "address",
+        "name": "to",
+        "type": "address"
+      },
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "safeTransferFrom",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "from",
+        "type": "address"
+      },
+      {
+        "internalType": "address",
+        "name": "to",
+        "type": "address"
+      },
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "bytes",
+        "name": "data",
+        "type": "bytes"
+      }
+    ],
+    "name": "safeTransferFrom",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "operator",
+        "type": "address"
+      },
+      {
+        "internalType": "bool",
+        "name": "approved",
+        "type": "bool"
+      }
+    ],
+    "name": "setApprovalForAll",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "manager",
+        "type": "address"
+      }
+    ],
+    "name": "setManagerAddress",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "minExpirationTimestampDiff",
+        "type": "uint256"
+      }
+    ],
+    "name": "setMinExpirationTimestampDiff",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "bytes4",
+        "name": "interfaceId",
+        "type": "bytes4"
+      }
+    ],
+    "name": "supportsInterface",
+    "outputs": [
+      {
+        "internalType": "bool",
+        "name": "",
+        "type": "bool"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [],
+    "name": "symbol",
+    "outputs": [
+      {
+        "internalType": "string",
+        "name": "",
+        "type": "string"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "index",
+        "type": "uint256"
+      }
+    ],
+    "name": "tokenByIndex",
+    "outputs": [
+      {
+        "internalType": "uint256",
+        "name": "",
+        "type": "uint256"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "owner",
+        "type": "address"
+      },
+      {
+        "internalType": "uint256",
+        "name": "index",
+        "type": "uint256"
+      }
+    ],
+    "name": "tokenOfOwnerByIndex",
+    "outputs": [
+      {
+        "internalType": "uint256",
+        "name": "",
+        "type": "uint256"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "tokenURI",
+    "outputs": [
+      {
+        "internalType": "string",
+        "name": "",
+        "type": "string"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [],
+    "name": "totalSupply",
+    "outputs": [
+      {
+        "internalType": "uint256",
+        "name": "",
+        "type": "uint256"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "from",
+        "type": "address"
+      },
+      {
+        "internalType": "address",
+        "name": "to",
+        "type": "address"
+      },
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "transferFrom",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "address",
+        "name": "newImplementation",
+        "type": "address"
+      },
+      {
+        "internalType": "bytes",
+        "name": "data",
+        "type": "bytes"
+      }
+    ],
+    "name": "upgradeToAndCall",
+    "outputs": [],
+    "stateMutability": "payable",
+    "type": "function"
+  }
+]
diff --git a/abi/contracts/booking-token/IBookingToken.sol/IBookingToken.json b/abi/contracts/booking-token/IBookingToken.sol/IBookingToken.json
index f769ad4..be88947 100644
--- a/abi/contracts/booking-token/IBookingToken.sol/IBookingToken.json
+++ b/abi/contracts/booking-token/IBookingToken.sol/IBookingToken.json
@@ -1,4 +1,17 @@
 [
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "acceptCancellation",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
   {
     "inputs": [
       {
@@ -12,6 +25,76 @@
     "stateMutability": "payable",
     "type": "function"
   },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "cancelCancellationProposal",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "newRefundAmount",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "newRefundCurrency",
+        "type": "address"
+      }
+    ],
+    "name": "counterCancellationProposal",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      }
+    ],
+    "name": "getCancellationProposalStatus",
+    "outputs": [
+      {
+        "internalType": "uint256",
+        "name": "refundAmount",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "refundCurrency",
+        "type": "address"
+      },
+      {
+        "internalType": "address",
+        "name": "initiatedBy",
+        "type": "address"
+      },
+      {
+        "internalType": "bool",
+        "name": "isActive",
+        "type": "bool"
+      }
+    ],
+    "stateMutability": "view",
+    "type": "function"
+  },
   {
     "inputs": [
       {
@@ -36,6 +119,29 @@
     "stateMutability": "view",
     "type": "function"
   },
+  {
+    "inputs": [
+      {
+        "internalType": "uint256",
+        "name": "tokenId",
+        "type": "uint256"
+      },
+      {
+        "internalType": "uint256",
+        "name": "refundAmount",
+        "type": "uint256"
+      },
+      {
+        "internalType": "address",
+        "name": "refundCurrency",
+        "type": "address"
+      }
+    ],
+    "name": "initiateCancellation",
+    "outputs": [],
+    "stateMutability": "nonpayable",
+    "type": "function"
+  },
   {
     "inputs": [
       {
diff --git a/contracts/account/CMAccount.sol b/contracts/account/CMAccount.sol
index b4444b6..06ef756 100644
--- a/contracts/account/CMAccount.sol
+++ b/contracts/account/CMAccount.sol
@@ -761,4 +761,39 @@ contract CMAccount is
     function setGasMoneyWithdrawal(uint256 limit, uint256 period) public onlyRole(BOT_ADMIN_ROLE) {
         _setGasMoneyWithdrawal(limit, period);
     }
+
+    /***************************************************
+     *                 CANCELLATION                    *
+     ***************************************************/
+
+    // FIXME: Create a specific role for those
+
+    function initiateCancellation(
+        uint256 tokenId,
+        uint256 refundAmount,
+        address refundCurrency
+    ) public onlyRole(SERVICE_ADMIN_ROLE) {
+        BookingTokenOperator.initiateCancellation(getBookingTokenAddress(), tokenId, refundAmount, refundCurrency);
+    }
+
+    function acceptCancellation(uint256 tokenId) public onlyRole(SERVICE_ADMIN_ROLE) {
+        BookingTokenOperator.acceptCancellation(getBookingTokenAddress(), tokenId);
+    }
+
+    function counterCancellationProposal(
+        uint256 tokenId,
+        uint256 refundAmount,
+        address refundCurrency
+    ) public onlyRole(SERVICE_ADMIN_ROLE) {
+        BookingTokenOperator.counterCancellationProposal(
+            getBookingTokenAddress(),
+            tokenId,
+            refundAmount,
+            refundCurrency
+        );
+    }
+
+    function cancelCancellationProposal(uint256 tokenId) public onlyRole(SERVICE_ADMIN_ROLE) {
+        BookingTokenOperator.cancelCancellationProposal(getBookingTokenAddress(), tokenId);
+    }
 }
diff --git a/contracts/booking-token/BookingToken.sol b/contracts/booking-token/BookingToken.sol
index 461c9b5..921f015 100644
--- a/contracts/booking-token/BookingToken.sol
+++ b/contracts/booking-token/BookingToken.sol
@@ -32,7 +32,7 @@ import { ReentrancyGuardUpgradeable } from "@openzeppelin/contracts-upgradeable/
  * Booking Tokens can have zero price, meaning that the payment will be done
  * off-chain.
  *
- * When a token is minted with a reservation, it can not transferred until the
+ * When a token is minted with a reservation, it can not be transferred until the
  * expiration timestamp is reached or the token is bought.
  */
 contract BookingToken is
@@ -90,7 +90,7 @@ contract BookingToken is
     bytes32 private constant BookingTokenStorageLocation =
         0x9db9d405bf15683ce835607b1f0b423dc1484d44bb9d5af64a483fa4afd82900;
 
-    function _getBookingTokenStorage() private pure returns (BookingTokenStorage storage $) {
+    function _getBookingTokenStorage() internal pure returns (BookingTokenStorage storage $) {
         assembly {
             $.slot := BookingTokenStorageLocation
         }
@@ -251,7 +251,7 @@ contract BookingToken is
         uint256 expirationTimestamp,
         uint256 price,
         IERC20 paymentToken
-    ) public onlyCMAccount(msg.sender) {
+    ) public virtual onlyCMAccount(msg.sender) {
         // Require reservedFor to be a CM Account
         requireCMAccount(reservedFor);
 
@@ -366,7 +366,7 @@ contract BookingToken is
     /**
      * @notice Check if the token is transferable
      */
-    function checkTransferable(uint256 tokenId) internal {
+    function checkTransferable(uint256 tokenId) internal virtual {
         BookingTokenStorage storage $ = _getBookingTokenStorage();
         TokenReservation memory reservation = $._reservations[tokenId];
 
diff --git a/contracts/booking-token/BookingTokenOperator.sol b/contracts/booking-token/BookingTokenOperator.sol
index 24e21ae..a988a66 100644
--- a/contracts/booking-token/BookingTokenOperator.sol
+++ b/contracts/booking-token/BookingTokenOperator.sol
@@ -78,4 +78,37 @@ library BookingTokenOperator {
             IBookingToken(bookingToken).buyReservedToken{ value: price }(tokenId);
         }
     }
+
+    function initiateCancellation(
+        address bookingToken,
+        uint256 tokenId,
+        uint256 refundAmount,
+        address refundCurrency
+    ) public {
+        IBookingToken(bookingToken).initiateCancellation(tokenId, refundAmount, refundCurrency);
+    }
+
+    function acceptCancellation(address bookingToken, uint256 tokenId) public {
+        IBookingToken(bookingToken).acceptCancellation(tokenId);
+    }
+
+    function counterCancellationProposal(
+        address bookingToken,
+        uint256 tokenId,
+        uint256 refundAmount,
+        address refundCurrency
+    ) public {
+        IBookingToken(bookingToken).counterCancellationProposal(tokenId, refundAmount, refundCurrency);
+    }
+
+    function cancelCancellationProposal(address bookingToken, uint256 tokenId) public {
+        IBookingToken(bookingToken).cancelCancellationProposal(tokenId);
+    }
+
+    function getCancellationProposalStatus(
+        address bookingToken,
+        uint256 tokenId
+    ) public view returns (uint256 refundAmount, address refundCurrency, address initiatedBy, bool isActive) {
+        return IBookingToken(bookingToken).getCancellationProposalStatus(tokenId);
+    }
 }
diff --git a/contracts/booking-token/BookingTokenV2.sol b/contracts/booking-token/BookingTokenV2.sol
new file mode 100644
index 0000000..5e9d98d
--- /dev/null
+++ b/contracts/booking-token/BookingTokenV2.sol
@@ -0,0 +1,319 @@
+// SPDX-License-Identifier: MIT
+pragma solidity 0.8.24;
+
+import { BookingToken, IERC20 } from "./BookingToken.sol";
+
+/**
+ * @title BookingTokenV2
+ * @notice This contract extends BookingToken to add additional functionality.
+ * Specifically, it introduces a cancellation process after the token is bought.
+ */
+contract BookingTokenV2 is BookingToken {
+    /***************************************************
+     *                   STORAGE                       *
+     ***************************************************/
+
+    struct CancellationProposal {
+        uint256 refundAmount;
+        address refundCurrency;
+        address initiatedBy;
+        bool isActive;
+    }
+    /// @custom:storage-location erc7201:camino.messenger.storage.BookingTokenV2
+    struct BookingTokenV2Storage {
+        // Mapping to store the original supplier (minter) of each token
+        mapping(uint256 => address) _originalSupplier;
+        // Mapping to store the ongoing cancellation proposals for each token
+        mapping(uint256 => CancellationProposal) _cancellationProposals;
+    }
+
+    // keccak256(abi.encode(uint256(keccak256("camino.messenger.storage.BookingTokenV2")) - 1)) & ~bytes32(uint256(0xff));
+    bytes32 private constant BookingTokenV2StorageLocation =
+        0x96683f18b5720c3d007c342e56e2dbf25d018d9c7f77c4217427b152a0bd6100;
+
+    /**
+     * @notice Retrieves the BookingTokenV2 storage struct from the designated storage slot.
+     *
+     * @return $ The storage struct reference
+     */
+    function _getBookingTokenV2Storage() private pure returns (BookingTokenV2Storage storage $) {
+        assembly {
+            $.slot := BookingTokenV2StorageLocation
+        }
+    }
+
+    /***************************************************
+     *                   EVENTS                        *
+     ***************************************************/
+
+    /**
+     * @notice Event emitted when a cancellation is initiated.
+     *
+     * @param tokenId token id
+     * @param initiatedBy address that initiated the cancellation
+     * @param refundAmount proposed refund amount
+     * @param refundCurrency ERC20 token address for the refund
+     */
+    event CancellationInitiated(
+        uint256 indexed tokenId,
+        address indexed initiatedBy,
+        uint256 refundAmount,
+        address refundCurrency
+    );
+
+    /**
+     * @notice Event emitted when a cancellation is accepted.
+     *
+     * @param tokenId token id
+     * @param acceptedBy address that accepted the cancellation
+     * @param refundAmount final refund amount
+     * @param refundCurrency ERC20 token address for the refund
+     */
+    event CancellationAccepted(
+        uint256 indexed tokenId,
+        address indexed acceptedBy,
+        uint256 refundAmount,
+        address refundCurrency
+    );
+
+    /**
+     * @notice Event emitted when a cancellation proposal is countered.
+     *
+     * @param tokenId token id
+     * @param counteredBy address that countered the proposal
+     * @param newRefundAmount new proposed refund amount
+     * @param newRefundCurrency new proposed ERC20 token address for the refund
+     */
+    event CancellationCountered(
+        uint256 indexed tokenId,
+        address indexed counteredBy,
+        uint256 newRefundAmount,
+        address newRefundCurrency
+    );
+
+    /**
+     * @notice Event emitted when a cancellation proposal is canceled.
+     *
+     * @param tokenId token id
+     * @param canceledBy address that canceled the proposal
+     */
+    event CancellationProposalCanceled(uint256 indexed tokenId, address indexed canceledBy);
+
+    /***************************************************
+     *                   ERRORS                        *
+     ***************************************************/
+
+    /**
+     * @notice Error for when the caller is not authorized to initiate a cancellation.
+     *
+     * @param caller The address of the caller
+     */
+    error NotAuthorizedToInitiateCancellation(address caller);
+
+    /**
+     * @notice Error for when there is no active cancellation proposal.
+     *
+     * @param tokenId The token id for which there is no active proposal
+     */
+    error NoActiveCancellationProposal(uint256 tokenId);
+
+    /**
+     * @notice Error for when the caller is not authorized to accept a cancellation.
+     *
+     * @param caller The address of the caller
+     */
+    error NotAuthorizedToAcceptCancellation(address caller);
+
+    /**
+     * @notice Error for when the caller is not authorized to counter a cancellation.
+     *
+     * @param caller The address of the caller
+     */
+    error NotAuthorizedToCounterCancellation(address caller);
+
+    /**
+     * @notice Error for when the caller is not authorized to cancel a proposal.
+     *
+     * @param caller The address of the caller
+     */
+    error NotAuthorizedToCancelProposal(address caller);
+
+    /**
+     * @notice Error for when a token has an active cancellation proposal and cannot be transferred.
+     *
+     * @param tokenId The token id that has an active cancellation proposal
+     */
+    error TokenHasActiveCancellationProposal(uint256 tokenId);
+
+    /***************************************************
+     *                   FUNCTIONS                     *
+     ***************************************************/
+
+    /**
+     * @notice Mints a new token with a reservation for a specific address.
+     *
+     * @param reservedFor The CM Account address that can buy the token
+     * @param uri The URI of the token
+     * @param expirationTimestamp The expiration timestamp
+     * @param price The price of the token
+     * @param paymentToken The token used to pay for the reservation. If address(0) then native.
+     */
+    function safeMintWithReservation(
+        address reservedFor,
+        string memory uri,
+        uint256 expirationTimestamp,
+        uint256 price,
+        IERC20 paymentToken
+    ) public override onlyCMAccount(msg.sender) {
+        super.safeMintWithReservation(reservedFor, uri, expirationTimestamp, price, paymentToken);
+        uint256 tokenId = _getBookingTokenStorage()._nextTokenId - 1;
+        _getBookingTokenV2Storage()._originalSupplier[tokenId] = msg.sender;
+    }
+
+    /**
+     * @notice Initiates a cancellation for a bought token.
+     *
+     * @param tokenId The token id to initiate the cancellation for
+     * @param refundAmount The proposed refund amount in wei
+     * @param refundCurrency The ERC20 token address for the refund
+     */
+    function initiateCancellation(uint256 tokenId, uint256 refundAmount, address refundCurrency) external {
+        address owner = _requireOwned(tokenId);
+        BookingTokenV2Storage storage $ = _getBookingTokenV2Storage();
+        address supplier = $._originalSupplier[tokenId];
+        if (msg.sender != owner && msg.sender != supplier) {
+            revert NotAuthorizedToInitiateCancellation(msg.sender);
+        }
+
+        $._cancellationProposals[tokenId] = CancellationProposal({
+            refundAmount: refundAmount,
+            refundCurrency: refundCurrency,
+            initiatedBy: msg.sender,
+            isActive: true
+        });
+
+        emit CancellationInitiated(tokenId, msg.sender, refundAmount, refundCurrency);
+    }
+
+    /**
+     * @notice Accepts a cancellation proposal for a bought token.
+     *
+     * @param tokenId The token id to accept the cancellation for
+     */
+    function acceptCancellation(uint256 tokenId) external {
+        BookingTokenV2Storage storage $ = _getBookingTokenV2Storage();
+        address owner = _requireOwned(tokenId);
+        CancellationProposal memory proposal = $._cancellationProposals[tokenId];
+        if (!proposal.isActive) {
+            revert NoActiveCancellationProposal(tokenId);
+        }
+
+        address supplier = $._originalSupplier[tokenId];
+        if (msg.sender == proposal.initiatedBy) {
+            revert NotAuthorizedToAcceptCancellation(msg.sender);
+        }
+        if (
+            (proposal.initiatedBy == owner && msg.sender != supplier) ||
+            (proposal.initiatedBy == supplier && msg.sender != owner)
+        ) {
+            revert NotAuthorizedToAcceptCancellation(msg.sender);
+        }
+
+        // Finalize the cancellation
+        delete $._cancellationProposals[tokenId];
+        _burn(tokenId);
+
+        // Emit the cancellation accepted event
+        emit CancellationAccepted(tokenId, msg.sender, proposal.refundAmount, proposal.refundCurrency);
+    }
+
+    /**
+     * @notice Counters a cancellation proposal with a new proposal.
+     *
+     * @param tokenId The token id to counter the cancellation for
+     * @param newRefundAmount The new proposed refund amount in wei
+     * @param newRefundCurrency The new ERC20 token address for the refund
+     */
+    function counterCancellationProposal(uint256 tokenId, uint256 newRefundAmount, address newRefundCurrency) external {
+        BookingTokenV2Storage storage $ = _getBookingTokenV2Storage();
+        address owner = _requireOwned(tokenId);
+        CancellationProposal storage proposal = $._cancellationProposals[tokenId];
+        if (!proposal.isActive) {
+            revert NoActiveCancellationProposal(tokenId);
+        }
+
+        address supplier = $._originalSupplier[tokenId];
+        if (msg.sender == proposal.initiatedBy) {
+            revert NotAuthorizedToCounterCancellation(msg.sender);
+        }
+        if (
+            (proposal.initiatedBy == owner && msg.sender != supplier) ||
+            (proposal.initiatedBy == supplier && msg.sender != owner)
+        ) {
+            revert NotAuthorizedToCounterCancellation(msg.sender);
+        }
+
+        // Update the proposal with the new values
+        proposal.refundAmount = newRefundAmount;
+        proposal.refundCurrency = newRefundCurrency;
+
+        // Emit the countered proposal event
+        emit CancellationCountered(tokenId, msg.sender, newRefundAmount, newRefundCurrency);
+    }
+
+    /**
+     * @notice Cancels an active cancellation proposal. Only the initiator can cancel.
+     *
+     * @param tokenId The token id for which to cancel the proposal
+     */
+    function cancelCancellationProposal(uint256 tokenId) external {
+        BookingTokenV2Storage storage $ = _getBookingTokenV2Storage();
+        CancellationProposal storage proposal = $._cancellationProposals[tokenId];
+        if (!proposal.isActive) {
+            revert NoActiveCancellationProposal(tokenId);
+        }
+        if (msg.sender != proposal.initiatedBy) {
+            revert NotAuthorizedToCancelProposal(msg.sender);
+        }
+
+        // Cancel the proposal
+        delete $._cancellationProposals[tokenId];
+
+        // Emit the cancellation proposal canceled event
+        emit CancellationProposalCanceled(tokenId, msg.sender);
+    }
+
+    /**
+     * @notice Retrieves the current cancellation proposal status for a given token.
+     *
+     * @param tokenId The token id to check the proposal status for
+     * @return refundAmount The proposed refund amount
+     * @return refundCurrency The address of the proposed refund currency
+     * @return initiatedBy The address that initiated the cancellation
+     * @return isActive The status of the cancellation proposal
+     */
+    function getCancellationProposalStatus(
+        uint256 tokenId
+    ) external view returns (uint256 refundAmount, address refundCurrency, address initiatedBy, bool isActive) {
+        BookingTokenV2Storage storage $ = _getBookingTokenV2Storage();
+        CancellationProposal memory proposal = $._cancellationProposals[tokenId];
+        return (proposal.refundAmount, proposal.refundCurrency, proposal.initiatedBy, proposal.isActive);
+    }
+
+    /***************************************************
+     *             OVERRIDE FUNCTIONS                  *
+     ***************************************************/
+
+    /**
+     * @notice Checks if the token is transferable, considering reservation and cancellation status.
+     *
+     * @param tokenId The token id to check
+     */
+    function checkTransferable(uint256 tokenId) internal override {
+        super.checkTransferable(tokenId);
+        BookingTokenV2Storage storage $ = _getBookingTokenV2Storage();
+        if ($._cancellationProposals[tokenId].isActive) {
+            revert TokenHasActiveCancellationProposal(tokenId);
+        }
+    }
+}
diff --git a/contracts/booking-token/IBookingToken.sol b/contracts/booking-token/IBookingToken.sol
index 41ee40e..dc96b4a 100644
--- a/contracts/booking-token/IBookingToken.sol
+++ b/contracts/booking-token/IBookingToken.sol
@@ -15,4 +15,49 @@ interface IBookingToken {
     function buyReservedToken(uint256 tokenId) external payable;
 
     function getReservationPrice(uint256 tokenId) external view returns (uint256 price, IERC20 paymentToken);
+
+    /**
+     * @notice Initiates a cancellation for a bought token.
+     *
+     * @param tokenId The token id to initiate the cancellation for
+     * @param refundAmount The proposed refund amount in wei
+     * @param refundCurrency The ERC20 token address for the refund
+     */
+    function initiateCancellation(uint256 tokenId, uint256 refundAmount, address refundCurrency) external;
+
+    /**
+     * @notice Accepts a cancellation proposal for a bought token.
+     *
+     * @param tokenId The token id to accept the cancellation for
+     */
+    function acceptCancellation(uint256 tokenId) external;
+
+    /**
+     * @notice Counters a cancellation proposal with a new proposal.
+     *
+     * @param tokenId The token id to counter the cancellation for
+     * @param newRefundAmount The new proposed refund amount in wei
+     * @param newRefundCurrency The new ERC20 token address for the refund
+     */
+    function counterCancellationProposal(uint256 tokenId, uint256 newRefundAmount, address newRefundCurrency) external;
+
+    /**
+     * @notice Cancels an active cancellation proposal. Only the initiator can cancel.
+     *
+     * @param tokenId The token id for which to cancel the proposal
+     */
+    function cancelCancellationProposal(uint256 tokenId) external;
+
+    /**
+     * @notice Retrieves the current cancellation proposal status for a given token.
+     *
+     * @param tokenId The token id to check the proposal status for
+     * @return refundAmount The proposed refund amount
+     * @return refundCurrency The address of the proposed refund currency
+     * @return initiatedBy The address that initiated the cancellation
+     * @return isActive The status of the cancellation proposal
+     */
+    function getCancellationProposalStatus(
+        uint256 tokenId
+    ) external view returns (uint256 refundAmount, address refundCurrency, address initiatedBy, bool isActive);
 }
diff --git a/test/BookingToken.test.js b/test/BookingToken.test.js
index 6650bdb..feb6429 100644
--- a/test/BookingToken.test.js
+++ b/test/BookingToken.test.js
@@ -594,4 +594,75 @@ describe("BookingToken", function () {
                 .withArgs(0n, await distributorCMAccount.getAddress());
         });
     });
+    describe("Cancellation", function () {
+        it("supplier: should initiate cancellation of a booking token correctly", async function () {
+            const { cmAccountManager, supplierCMAccount, distributorCMAccount, bookingToken } =
+                await loadFixture(deployBookingTokenFixture);
+
+            const tokenURI =
+                "data:application/json;base64,eyJuYW1lIjoiQ2FtaW5vIE1lc3NlbmdlciBCb29raW5nVG9rZW4gVGVzdCJ9Cg==";
+
+            const expirationTimestamp = Math.floor(Date.now() / 1000) + 120;
+
+            const price = ethers.parseEther("0.05");
+
+            /***************************************************
+             *                   SUPPLIER                      *
+             ***************************************************/
+
+            // Grant BOOKING_OPERATOR_ROLE
+            const BOOKING_OPERATOR_ROLE = await supplierCMAccount.BOOKING_OPERATOR_ROLE();
+            await expect(
+                supplierCMAccount
+                    .connect(signers.cmAccountAdmin)
+                    .grantRole(BOOKING_OPERATOR_ROLE, signers.btAdmin.address),
+            ).to.not.reverted;
+
+            await expect(
+                await supplierCMAccount.connect(signers.btAdmin).mintBookingToken(
+                    distributorCMAccount.getAddress(), // set reservedFor address to distributor CMAccount
+                    tokenURI, // tokenURI
+                    expirationTimestamp, // expiration
+                    price, // price
+                    ethers.ZeroAddress, // zero address
+                ),
+            )
+                .to.be.emit(bookingToken, "TokenReserved")
+                .withArgs(
+                    0n,
+                    distributorCMAccount.getAddress(),
+                    supplierCMAccount.getAddress(),
+                    expirationTimestamp,
+                    price,
+                    ethers.ZeroAddress, // zero address
+                );
+
+            // Check token ownership
+            expect(await bookingToken.ownerOf(0n)).to.equal(await supplierCMAccount.getAddress());
+
+            // Try to cancel the token
+
+            const token_id = 0n;
+            const initiator = await supplierCMAccount.getAddress();
+            const refundAmount = ethers.parseEther("0.045");
+            const refundCurrency = ethers.ZeroAddress;
+
+            await expect(
+                supplierCMAccount
+                    .connect(signers.cmAccountAdmin)
+                    .initiateCancellation(0n, refundAmount, refundCurrency),
+            )
+                .to.emit(bookingToken, "CancellationInitiated")
+                .withArgs(token_id, initiator, refundAmount, refundCurrency);
+
+            // Sanity check
+            expect(await bookingToken.getCancellationProposalStatus(token_id)).to.be.deep.equal([
+                refundAmount,
+                refundCurrency,
+                initiator,
+                true,
+            ]);
+        });
+        // FIXME: add tests for other cases
+    });
 });
diff --git a/test/utils/fixtures.js b/test/utils/fixtures.js
index af2a357..ec97a01 100644
--- a/test/utils/fixtures.js
+++ b/test/utils/fixtures.js
@@ -115,7 +115,7 @@ async function deployAndConfigureAllFixture() {
 
     // Deploy BookingToken
 
-    const BookingToken = await ethers.getContractFactory("BookingToken");
+    const BookingToken = await ethers.getContractFactory("BookingTokenV2");
     const bookingToken = await upgrades.deployProxy(
         BookingToken,
         [await cmAccountManager.getAddress(), signers.btAdmin.address, signers.btUpgrader.address],