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Each perpetual license you purchase from Google for the web-based management Admin Console software lasts for the lifetime of the device it is enrolled on. (Google licenses users the Chrome operating system similar to the way other manufacturers license their products.)
If you encounter a hardware issue and must replace a Chrome device, the license can be transferred to a replacement of the same model.
When Dell processes a system exchange for a hardware issue on a Chromebook, the license administrator must deprovision the original service tag and transfer the license to the replacement system for management purposes.
REFERENCE: How licenses function for your managed Chrome devices