Well, if you're saving a file via Save As with a new filename or to a different folder, no hyperlink in another closed file pointing to the old file is ever going to know about the new one. AFAIK there isn't an application that's ever been written that could do that (some applications will update links to other files in the same application if both files are opened when the save is done). Besides, imagine the chaos if the SaveAs was simply intended for making a copy and not for changing the hyperlink destination!

As I've already said, without knowing your folder structure and the linking relationships, no-one can give specific advice. The link I provided explains the principles for Word documents in enough detail for reliable implementation - plenty of people use those techniques.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]