No, it is not possible to print without the watermark. The watermark is embedded in printed pages to identify the version of the Design Guidelines from which it is extracted; and to remind users that the content is subject to copyright. The version identification is necessary because periodic updates will be issued to license holders, including new material as it becomes available. Printed copies from superseded versions might omit corrections or extensions of the text made by subsequent versions of the electronic document.
Persons using a printed copy only, therefore, need to be aware of the version number of the license, so they can check if they are referring to the current version of the document; or whether their (dated) copy should be discarded.
The Design Guidelines are intended to be a reference document, rather than a source of extracts, for bylaws, procurement or policy papers. As with Volume I and Volume II of the MMCD documents, the reference rather than the text can be used in specifications, etc.