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TeamCity licenses are perpetual for the TeamCity versions they cover. This means that you can run a covered TeamCity version with existing licenses for unlimited time and the licenses will stay valid for this TeamCity version.
Each TeamCity license (including Enterprise Server and Agent) has a maintenance period (generally 1 year). The license key is valid with any TeamCity version released within the maintenance period. Licenses valid for the major/minor release (changes in the first two release numbers) is are also considered valid for the corresponding bugfix updates (changes in the third release number).