The verb license means to give permission. The noun licence refers to that permission as well as to the document recording that permission. Licence may be granted by a party ("licensor") to another party ("licensee") as an element of an agreement between the parties.
A licence may be issued to allow an activity that would otherwise be forbidden. It may require paying a fee and/or proving a capability. The requirement may also serve to keep the authorities informed on a type of activity, and to give them the opportunity to set conditions and limitations. A licensor may grant licence under intellectual property laws to authorize a use (such as copying software or using a (patented) invention) to a licensee, sparing the licensee from a claim of infringement brought by the licensor. (Wikipedia)
Members of a higher education community may use licensed works (e.g. databases, e-journals, e-books, etc.) according to the terms of the license. Consult with library staff for specifics.