Can you tell what I need to know about licensing and Virtualization?

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Licensing
Microsoft virtualization
Can you tell what I need to know about licensing and Virtualization? This question is from the Microsoft Virtualization Live Chat which took place on August 27th.
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I doubt I can detail all if the intricacies in a chat like this as licensing questions are complex. I would recommend, highly, talking with your Licensing partner, BUT, Microsoft’s Volume Licensing is a site you can use to get some beginning information.

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