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JChem for Office works with the standard ChemAxon licensing infrastructure, and also allows several points of extension. If additional license files are specified, JChem for Office takes into consideration all of the licenses. Since JChem for Excel is part of the JChem for Office package, JCO license is valid for JCXL as well, but JCXL license is not appropriate for JCO.
The default location of the license file (license.cxl) is: C:\Users\current user\chemaxon
You can read the details about ChemAxon licensing here: