More PT 12 Update Clarifications

I too am trying to clarify:

Logged into my AVID account it states:
Pro Tools | Software with 12-Month Upgrade and Support Plan.
Perpetual Product >Time Period: Feb 11, 2015 - to - Feb 11, 2016

1. Does this mean I get the upgrade from my current 11.1 to 12
at no charge? Until Feb 11, 2016? Or I have commit within 30 days?
How does this time period interact with the end of December deadlines to choose a support plan?

2. Then, the next decision is the upgrade plan:
The $199 option is a one time yearly charge that keeps your options open for a year for while while your service plan is in place? And this keeps your license up to date for 1 year?

3. If one does the upgrade , it wipes out 11? So you run just 12 and 11 is gone?

4. Should I do some type of back up plan?
For the inevitable update glitches that will surface?
I will go back and read more of the back up system posts & cloning drives , not sure what that is or does...yet.

My current sessions are on an external Lacie drive.

PT 11.1, Windows

Thanks for any clarifications

More PT 12 Update Clarifications