You can control when collaborators edit shared files to prevent overlapping or conflicting changes using Check Out and Check In options.
When you check out a file, it’s temporarily locked for editing. During this time, other collaborators can only view the last checked-in version and won’t see any ongoing edits until the file is checked back in.
Once you’ve completed your changes, you can check the file back in. Checking in unlocks the file and makes your latest version available to everyone. At this point, collaborators can view your updates, edit the file, and upload new versions.
Check out a file
Checking out a file locks it for editing, ensuring that only you can make changes and preventing version conflicts while you work.
Right-click the required file and select Check Out.
The Versions tab opens in a new screen.
Alternatively, select the file, click the More actions icon (...) in the top action bar, and choose Check Out.
Click Check Out to confirm.

Once the file is checked out, collaborators won’t be able to edit the file or see your in-progress changes until it’s checked back in.
Who can check out and check in files A user must have Editor role or Edit access or higher access to check out a file.
When a file in a Team Folder is checked out, members with Organizer or Admin roles can discard the check out if required. Discarding the check out restores the file to the version that existed before it was checked out and makes it available for use by others.
Check in a file
Checking in a file makes your updates available to others and unlocks the file for collaboration.
Right-click the required file and select Check In.
The Versions tab opens in a new screen.
Alternatively, select the file, click the More actions icon (...) in the top action bar, and choose Check In.
Add version notes, if needed, to explain your changes.
Click Check In.

After check-in, collaborators can view your changes, edit the file, and upload new versions.