Thank you for replying.
In one cell of my excel sheet there exists customer name which gets updated from time to time. And i need to enter the same customer name in a word document. So i'm trying to link the cell to word. I just used the above method (paste special>Paste link). But, When i close and reopen the word document i don't see the update link option in context menu. Further it says "This object is corrupt or is no longer available".

Both the excel file and word document are macro enabled documents. I suspected this could be the reason, for word not updating the link. So i saved the word macro enabled document in regular format of word 97-2003 document. Then i see the link working as intended. Though i found solution, this will not help as my word document contains content that needs macros enabled.
Other things which i ensured to make the link work properly is placing both documents in same folder.
Hence i was asking about quickparts as the above method is not working.

Any help or suggestion will be valuable for me.

Thanks.