1. Easily accessible
3. Easily understood with clear and concise language
No one likes a bunch of legalese and while it's good to be accurate, sometimes writing in such a way that your user will actually understand it is simple common sense. This also helps avoid confusion and builds trust.
4. Informs users of what type of data is being collected and how it's being used
Be specific with what information you are collecting and how you are using it. If you're collecting first name, last name, email, phone, address, etc. be sure you let people know exactly what's being collected from your site. Also, be sure to let them know how you are using their information. Will their information be stored in your contact list? Are you selling their information? Be transparent here.
5. Informs users of how to opt-out
Always give people an out. No one wants to sign up for something and not be able to opt-out. Give them the freedom to choose whether or not they want to continue getting information from you once they sign up.