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There's actually a bit of weirdness in this regard and I can't actually work out the logic behind it. Essentially licensing premium cars is different to licensing standard ones - there seems to be some form of carryover or legacy license that allows them to use models to the detail used in earlier games, but new licenses are required for more detailed ones. It's this weirdness that saw them capture the Veyron and XFR to current modelling standards in 2007 for Gran Turismo PSP, but not use the detailed models for GT5.
I wonder, perhaps... The license is obtained prior to the model being produced (assumption). The company issuing the license must undoubtedly check that prior to the release of the game, the terms of the license have been adhered to. PD will get all content generated signed off so there can be no shenanigans later on, and for the sake of both parties it's probably listed in the appendices of the agreement. That then forms "the license", and will include a scope, and specific inclusions and exclusions.
The agreements may be open-ended enough that PD don't have to gain permission to re-use "the license" in future titles.
But, if they wish to alter any aspect of the license (which would include the appendices), they have to enter the process again, and a new, or revised/up-issued license is agreed on.
I'm no expert on this by a long shot. But I think it's important for people to understand that a license is simply a legal document giving permission to some body else, to do something with something you own.... all those somethings have to be specified and agreed on, and can pretty much say anything so long as both parties agree and it's not illegal (monopolies etc.).
Just my two cents.