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I am using Sharepoint online and have lots of data in it.So after 30 days will I get grace period if I don't want to buy license or I will have to create new account?

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Exactly this way. The demo is for testing purpose only. But you can choose if you want to have licences for 12 months (which is a little bit cheaper) or for 1 month only. In doubt call your next CSP who can tell you the right price.

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