When you update your terms from your Account Settings (Article) these changes will only apply to projects created from that point moving forward.
Said another way: These changes will not be retroactively applied to any existing projects.
If you're wanting to 'refresh' or 'update' the template on an existing project to your new terms, all you'll need to do is:
First, click to Change the Terms template on that project. (Note: if you're working on a Signed Project, you'll need to click to 'Edit Signed Contract' at the top).
Next, click 'Save'.
This will update the terms on the project to the most recent version on your account.