I have a stand alone part (not used in assembly) that is used in two different projects that different people have access to so I would like to have a copy of the part in both folders. Is this possible?
Workgroup does not allow two parts with the same name to be save in two different projects. I suggest you allow both users read only access to both projects so they can use the common component.
There will be an icon visible alongside of the file in the Vault file manager that will be a clue to whether a part is used in another project. This can be helpful and the inability to save a file in 2 or more projects will actually save possible problems.
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