Hi Matthew
If Business Terms are being loaded throught the Import Term action while they are being edited by a user (open in the UI in edit mode), the version imported will overwrite the current one. However when the user will save his changes he will get a message saying that the term has been updated by another user. Then he can decide between overwritting, saving as a new term, discarding changes or cancelling the action.
If the term is not opened in edition, then it will be replaced.
Vincent
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