You can update a project present in your local workspace from the Local tab of the Browser.
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On the Local tab of the Browser, right click the project that you want to update and select Update from Repository to open the Check Out Project window (see Using the Check Out Project window).
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Select the appropriate parameters (see Check out parameters), and then click OK to check out the project and (when appropriate) its associated models and files.
If you have selected the Merge document option, the Check Out Model window will open to allow you to review all the differences between the local and repository versions and to apply or reject them as appropriate.