LEGAL DISCLAIMER : All licensing questions should be forwarded to your local friendly oracle sales rep.
It is probably more appropriate to say: "ORDS is included with your licensed Oracle Database Server".
For License:: I'd start with the one you must accept prior to downloading the software.
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You can find the official licensing statement on the download page -
The license terms are similar to Oracle SQL Developer or Oracle Application Express - they are features included with your Oracle Database license.
The only time licensing really comes into play is when Oracle Support is involved - you can open a Service Request for ORDS when you have a Oracle Database under coverage with My Oracle Support.
Oracle Database license?
If I use Oracle Database Express, is it free?
Database Express, XE - has its own license. It's a no-cost solution. So yes, free.