Just to clarify, I understand that this setup isn't correct. Vegas does create backups, but not every two minutes, and it doesn’t store them in the current project folder. I've been trying to resolve this issue, but so far, I haven't been successful.

I see you have enabled Live Save, you'd better disable it. Every time you make changes to the project, it overwrites and saves the project in real time, and does NOT create any backups: it conflicts with backup features.

For more information about Advanced Save, just click on the "?" in the top right corner.

This dialog allows 4 different types of backups...

• short backups
  • back up every few minutes
  • upon a save, previous backup files are automatically deleted if they are over an hour old
• hourly backups
  • backup ever hour (or few hours)...
  • upon a save, previous backup files are automatically deleted if they are over 10 hours old
• daily backups
  • back up once a day
  • also creates a backup upon close of the application
  • you can set the number of backup files that are accumulated
• realtime backups
  • backup after every change to your project
  • you can set the number of backup files that are accumulated