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Watermark

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A watermark is text or an image repeated across a document’s pages, usually behind or over the content, identifying the file’s origin or its status. Where Bates numbering exists so a page can be cited, a watermark exists so a page can be recognized at a glance: draft state, confidentiality, brand, recipient identity. Watermarks are part of the page layer and survive printing, copying, and forwarding.

A contract draft sent to three counterparties for comment, each copy watermarked with the recipient’s name. When a copy is forwarded outside the review group, the watermark says where it came from. The draft itself is not protected by the watermark — anyone can crop it — but it identifies every copy at a glance, which is what the sender wanted.