Final answer:
A licensee must meticulously fulfill all obligations outlined in a legally binding contract, ensuring full execution and compliance to avoid legal consequences.
Step-by-step explanation:
In the context of completing contracts, a licensee must adhere to all terms and conditions as stipulated in the legally binding agreement. It is the responsibility of the licensee to ensure that the contract is fully executed according to the standards and timelines agreed upon.
This entails carrying out any necessary actions, providing deliverables, payments, or performing services as specified in the contract. As evidenced in the provided reference, the contracts have been described as 'strictly and legally drawn', indicating that they are formal and must be complied with rigorously. Non-compliance can lead to legal repercussions or the forfeiture of the contract. Therefore, it is crucial for licensees to be diligent in the fulfillment of their contractual obligations.