Long story short: our instance of Centova has been installed on a VPS ages ago, and we're getting some weird troubles that might be related to a faulty drive and/or ram. Our provider suggests we just create a new VPS and reinstall, which I'm not against, but the license states that it is good for only one VPS.

License wise, is there any way that I can install / setup on a new VPS while keeping the old one running up until I'm ready to make the switch ?

Long story short: our instance of Centova has been installed on a VPS ages ago, and we're getting some weird troubles that might be related to a faulty drive and/or ram. Our provider suggests we just create a new VPS and reinstall, which I'm not against, but the license states that it is good for only one VPS.

License wise, is there any way that I can install / setup on a new VPS while keeping the old one running up until I'm ready to make the switch ?

Unfortunately No, as you need to re-issue your current license to be able to use it on your new VPS.