Checking out a file from the vault removes the read-only status of the file in the local working folder. The file can now be edited in Publisher. There are two ways to check out a file from the vault.
Open from vault - When a file is opened from vault an option to check out the file appears. This check out clears the read-only flag on the file in the working folder.
Open from working folder - When a file is open from the local working folder the checkout command is available. Checking out the file provides the following option.
Replace working copy with latest version - Selecting this option replaces the file in the working folder with the latest version from the vault. Changes made to the file in the working folder are lost.