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If you need to release one of your licenses (prior to uninstalling, for example), simply un-license the game from the Start Screen by clicking on the license button, then "Release license/un-license game."
Note: Uninstalling your license does not remove your right to use the game! No matter how many times you install or uninstall your license, you will still be entitled to use the game on two separate computers simultaneously. Removing a license just frees up a license to install on another computer!