I suppose this would depend on how many Agreements and Amendments you have. I am curious to know why you create a new contract workspace for each contract amendment. Contract workspaces and documents use versioning to manage changes each respectively.
When making a contract amendment we simply amend the contract workspace (which creates a new version of the workspace) and select reason/type of amendment. Users edit the workspace overview/attributes and create new folders on the document tab for each ammendment. Documents related to a specific amendment are stored in these folders. Users also update the main agreement document and contract terms as necessary and save these as a new version.
Previous versions of the workspace/documents are automatically maintained in the version history. These can be viewed at any time.
We are also currently working on custominzing our analysis reporting module so that we can report on previous versions of a contract workspace (for example we want to know the delta amounts and award dates of each amendment). OOTB reporting only includes the current version of the workspace.