The print service will stop on the day after the expiry date, as listed in the Pharos Administrator, rendering the system inoperable. You will want to be sure to have a new key installed by that date. There is no grace period in the product. If you have a situation where the purchase of a new license is likely to be late, be sure to contact your sales rep before the expiration date to see if you can get a temporary key to cover the time needed to complete a purchase.
-Jeff Herald - Pharos Systems
To be fair to Pharos, every time you log into Pharos admin if you're within a month of expiry it pops up and warns you of the expiry date.
IMHO from a reseller standpoint having the services stop when the licence expires is the right thing to do. We have a number of other software products that we support that don't stop when the licence expires, this causes no end of wrangling when the customers log support calls on expired solutions sometimes weeks, months and even years after the licence expired.