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Hi Tony,

I think there are many ways to accomplish your task.

You can create drawing with dynamic block with "PRELIMINARY" text, which visibility you can toggle on and off. Then Xref this drawing to each of your drawings. Now you can toggle "PRELIMINARY" text visibility in external reference off to print entire project without watermark. If you need watermark, toggle "PRELIMINARY" text visibility in external reference on.

This way will work even without collecting drawings to Project.

Another way is to create custom Project property, You set this property to "PRELIMINARY" word or set it blank (actually it should contain space, because if you leave it blank you will see "----" in place of watermark). Then you create block with attribute containing custom Project property field created in previous step. Insert this block in all drawings. Now change custom Project property to "PRELIMINARY" word to print Project with watermark or change custom Project property to blank space to print Project without watermark.

This way will work only inside Project.

I'd prefer the first way as I noticed that sometimes blank space in custom Project property resets to nothing and block shows "----" in watermark.