The Check Out Action will lock the template and prevent other users from making any changes until you check-in. However, the latest version can be used in Contracts.
Menu Path: Contract Authoring >> Authoring Templates >> Action- Check Out
1. Choose the Action – Check Out
2. In the Pop-up menu provide the reason for Check Out
3. Once you click on yes, the status of the template will change to Checked Out and no other user will be able to make any changes in the Template until you check in again.