Use the New-SharingPolicy cmdlet to create a sharing policy to regulate how users inside your organization can share calendar and contact information with users outside the organization. Users can only share this information after federation has been configured in Exchange. After federation is configured, users can send sharing invitations that comply with a sharing policy to external recipients in other Exchange Server 2010 or later organizations that have federation enabled. A sharing policy needs to get assigned to a mailbox to be effective. If a mailbox doesn't have a specific sharing policy assigned, a default policy enforces the level of sharing permitted for this mailbox.
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