Site Collection License - A Site Collection License can be applied to one site collection only. The license covers unlimited users. This is an annual subscription license, to continue to use the software after 12 Months, you need to renew the license.

Tenant License - A Tenant Subscription can be applied to a whole Tenant. The license covers unlimited users. This is an annual subscription license, to continue to use the software after 12 Months, you need to renew the license.