The modern standard is "Per-Instance." A single in this model covers one "instance."

This is the most sought-after because it unlocks the full potential of the v12 release.

: Store your license key in a secure location, such as a password manager or a secure document repository, to prevent loss or unauthorized use.

For years, Veeam utilized a "per-CPU socket" model. If you have a based on this model, it allows you to back up an unlimited number of VMs on a specific number of physical CPU sockets on your hosts.

: Ensure that your license is current to access the latest features, support, and security updates.

: A major change in v12 is that File to Tape jobs are no longer free. They now consume Veeam Universal Licenses (VUL) at a rate of 1 instance per 500GB of data backed up to tape.