Version control of documents is often done by maintaining separate copies or files of each version of a document and is tedious and often versions can be lost or misplaced.
Revision control on the other hand, enables easily reverting a document or just some sections to a previous revision, which is critical for allowing editors to track each other's edits, correct mistakes and for auditing and accountability purposes.
Using a document/contract management solution that stores document versions in the document itself - almost like the track changes feature in Word - allows you to manage them effectively. You can revert the entire document to a previous version, or revert only specific sections to previous revisions. Plus a good system will record who made the changes, who approved them and when any of this was done.
iSpec has this capability.