Version control

Definition

Version control records every revision of a contract during drafting and negotiation, with timestamps, authorship and change history. It prevents disputes over which text is binding, supports an audit trail and is essential where multiple parties exchange redlines before signature.

Example

A dispute over a deleted liability cap is settled because version control shows exactly when and by whom the clause was removed.

Why this is a business risk

Without version control, "which version did we sign?" becomes unanswerable when a dispute arises. Parties negotiate through email with track-changes files named v2, v2-FINAL, v2-FINAL-REVISED, and the signed version is unclear. Discovering after execution that a key clause was removed in an unreviewed draft, or that a manually amended page was never signed, can undermine the entire agreement.

How to manage it

• Assign version numbers systematically from the first draft so each iteration is uniquely identifiable, not by filename alone.
• Record who made each change and when, either in the document metadata or in a separate log.
• Archive every intermediate version, not just the final signed text, so the negotiation history is reconstructable.
• Lock the signed version immediately after execution so it cannot be altered, and store it separately from working drafts.
• When an amendment is signed, link it explicitly to the version of the contract it amends and retain both.