When theme has a bug fixes or enhancements, you will be notified to upgrade..
Installing updates is just involves replacing the old theme files with the new ones. It's always a good idea to backup everything before you upgrade, especially if you have made any changes to theme's files, as the upgrade will overwrite all files. All custom in theme settings will all remain intact.
Note: If you are running a local server, just copy and override the files.
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