Place this code In a standard module: 
 
Option Explicit 
Sub InsertWaterMark() 
    Dim strWMName As String 
     
    On Error GoTo ErrHandler 
     'selects all the sheets
    ActiveDocument.Sections(1).Range.Select 
    strWMName = ActiveDocument.Sections(1).Index 
    ActiveWindow.ActivePane.View.SeekView = wdSeekCurrentPageHeader 
     'Change the text for your watermark here
    Selection.HeaderFooter.Shapes.AddTextEffect(msoTextEffect1, _ 
    "DRAFT", "Arial", 1, False, False, 0, 0).Select 
    With Selection.ShapeRange 
         
        .Name = strWMName 
        .TextEffect.NormalizedHeight = False 
        .Line.Visible = False 
         
        With .Fill 
             
            .Visible = True 
            .Solid 
            .ForeColor.RGB = Gray 
            .Transparency = 0.5 
        End With 
         
        .Rotation = 315 
        .LockAspectRatio = True 
        .Height = InchesToPoints(2.42) 
        .Width = InchesToPoints(6.04) 
         
        With .WrapFormat 
            .AllowOverlap = True 
            .Side = wdWrapNone 
            .Type = 3 
             
        End With 
         
        .RelativeHorizontalPosition = wdRelativeVerticalPositionMargin 
        .RelativeVerticalPosition = wdRelativeVerticalPositionMargin 
         
         'If using Word 2000 you may need to comment the 2
         'lines above and uncomment the 2 below.
         
         '        .RelativeHorizontalPosition = wdRelativeVerticalPositionPage
         '        .RelativeVerticalPosition = wdRelativeVerticalPositionPage
         
        .Left = wdShapeCenter 
        .Top = wdShapeCenter 
    End With 
     
    ActiveWindow.ActivePane.View.SeekView = wdSeekMainDocument 
     
    Exit Sub 
     
ErrHandler: 
    MsgBox "An error occured trying to insert the watermark." & Chr(13) & _ 
    "Error Number: " & Err.Number & Chr(13) & _ 
    "Decription: " & Err.Description, vbOKOnly + vbCritical, "Error" 
     
     
End Sub 
 
 
Sub RemoveWaterMark() 
    Dim strWMName As String 
     
    On Error GoTo ErrHandler 
     
    ActiveDocument.Sections(1).Range.Select 
    strWMName = ActiveDocument.Sections(1).Index 
    ActiveWindow.ActivePane.View.SeekView = wdSeekCurrentPageHeader 
    Selection.HeaderFooter.Shapes(strWMName).Select 
    Selection.Delete 
    ActiveWindow.ActivePane.View.SeekView = wdSeekMainDocument 
     
    Exit Sub 
     
     
ErrHandler: 
    MsgBox "An error occured trying to remove the watermark." & Chr(13) & _ 
    "Error Number: " & Err.Number & Chr(13) & _ 
    "Decription: " & Err.Description, vbOKOnly + vbCritical, "Error" 
     
End Sub