Roddy wrote:
It looks like you give "Apple a worldwide, royalty-free, non-exclusive license" while you are liable for any infringement.
That is extremely standard wording which you will find on any sharing site.
If you do not agree to the license, the practical/legal consequence is that you are not giving Apple permission to copy and store files you own, make copies for mirror servers, your other devices, backup, etc. using their computers and servers, which may be located in other countries.
In other words, without you giving Apple that license, the iCloud service itself could not operate (legally).
You lose no rights. The license is not exclusive, and nowhere does it say that file ownership/copyright is transferred to them. You still own the files.