% !TEX program = pdflatex
\documentclass{article}
\usepackage[svgnames]{xcolor}
\usepackage[T1]{fontenc}
\usepackage[color={[gray]{0.5}},text=PRELIMINARY]{draftwatermark}
\usepackage{mathptmx}
\usepackage{lipsum}
\title{Sample document for the draftwatermark package}
\author{}
\begin{document}
\maketitle
\section{One}
\lipsum[1-3]
\section{Two}
\lipsum[4-6]
\section{Three}
\lipsum[7-9]
\end{document}