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I am about to release an open-source library (it's a derivative, but the original is MIT licensed). I'm considering releasing under GPLv3, especially since my understanding is that as the copyright holder, I'd be free to distribute it under a different license at the same time or later.

My concern is: can I still do that if other people contribute? In particular I want to keep the ability to release it under the LGPL or BSD licenses, with contributions made by others. (I understand that I would not be able to undo the release of the same code under GPLv3.)

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Only if you get permission from the contributers, either expressly as an ability to relicense their contribution or a copyright grant to you so they no longer own their contribution.

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