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I believe you are referring to patch 13418800 (R12.1 HRMS RUP5) - if so, this is included in the R12 license and should be applicable on top of R12.1.3 - review the README of the patch for required pre-reqs.
Oracle Human Resources Management Systems Readme, HRMS Release Update Pack 5 for Release 12.1 [ID 1456556.1]
Known Issues on Top of Patch 13418800 - R12.HR_PF.B.DELTA.5 (HRMS 12.1 RUP5) [ID 1428906.1]
Information Center: Oracle E-Business Suite HRMS / HCM [ID 1099813.2]
International HR and Payroll [ID 261452.1]
1. Would R12.1.5 need separate license? Or, R12.1.3 license would cover R12.1.5 as this looks like an incremental upgrade.Same license (assuming you already have HRMS license).
2. Not finding good documentation on R12.1.5 on metalink. Is there a RVP that can be shared if any of you have it with you.If you are referring to HRMS Release Update Pack 5 for Release 12.1 then you should have the docs referenced above.
3. This probably should have been my first question. Is R12.1.5 a public release? I ask this question as I do not see good information available on upgrade road map to R12.1.5.The latest 12.1.x release is 12.1.3 and Oracle has no plans to release any higher 12.1.x releases -- The next release will be 12.2
4. Can these features in R12.1.5 be applied as one-off patches on R12.1.3?Again, if you are referring to HRMS Release Update Pack 5 for Release 12.1 then the answer is "Yes".