It does not imply a right to updates, which are typically sold seperately as part of a maintenance agreement, or on a per-update basis. If these cases, if the fee is not paid, the software quits working. Usually applied to a licensing agreement that allows software to be run on an unlimited number of CPUs. The number of users per CPU is not limited by the license where multi-user capability exists. Some agreements have CPU limits so high as to be considered site licenses.
Site licenses are relatively rare.
A formal agreement between the University and a software manufacturer or vendor. A source, order process and usually pricing limits are negotiated and put in a contract with a specific term and renewal conditions.