Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
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Please use the Office License Removal tool to remove all the previous traces of the license on your MAC and then reactivate it using your Microsoft account. You can download and run the tool from the Official Microsoft website here:
How to remove Office license files on a Mac
This tool should help you to remove and reactivate the Office license on your device.