You can apply a watermark to your Word template by using the WATERMARK: field prefix option. When you include the Watermark option to a merge field, Conga Composer will create a document watermark across the background of an output document.

Syntax{{WATERMARK:FieldName:Font:Width:Height:Rotation:ColorCode}}
ValuesWATERMARK: is the watermark field prefix.

FieldName is the name of the field (e.g. Account_Type) that you want to display as a watermark in the merged output file, as it appears in the Template Builder.

Font is the name of the font in which the watermark will be displayed (optional).

Width is the width of the watermark, in pixels (optional).

Height is the height of the watermark, in pixels (optional).

Rotation is the angle of rotation, in degrees; the supported range must fall within -360 to 360.

ColorCode is the HTML hexadecimal color code in which the watermark will be displayed.

NotesSupported fonts are Arial, Times, Courier, Verdana, and Calibri.

You may only use one Watermark field per template.

WATERMARK fields are particularly useful when used in conjunction with the DV0 parameter, which inserts a value into the Master data set without requiring a custom field in Salesforce.

Usage
To conditionally watermark the document as draft if the value of the Opportunity Stage is Negotiation/Review, include the DV0 parameter with an if statement that sets the watermark text when conditions are met:

https://composer.congamerge.com
?SessionId={!API.Session_ID}
&ServerUrl={!$Api.Partner_Server_URL_290}
&Id={!Opportunity.Id}
&DV0={!IF( ISPICKVAL(Opportunity.StageName, "Negotiation/Review"), "DRAFT", "")}

In the template, add a Watermark field that references the DV0 field that now exists in your Master data set:

{{WATERMARK:DV0:Arial:700:100:-45:#808080}}

This places the content of the DV0 field as a watermark overlaying the text and then styles it in Arial text, 700 pixels wide by 100 pixels high, rotated by 45 degrees, and in the hexidecimal color #808080 (light gray).