I'm not a big fan of it. Do you allow your W2 employees to bring and use their own laptops rather than company ones? If so, I would follow the same policy and safeguards you do there. Ideally, company laptops would have a series of security software to prevent data breaches and allow monitoring of projects, which no self-respecting contractor would want to load on their personal computer. If you are bringing on contractors, I would suggest investing in company laptops set up with the software they need to do their jobs. It is always best to have all software used, from office/word processors to graphics to accounting, be in sync with the corporate standard.
On the other hand, if the contract is "deliverable" and not "project" based, where the deliverable can be accepted in a standard/universal format (like PDF, .png, .jpg, etc.) and doesn't rely on internal documents and security, then you should be okay letting them use software versions they are comfortable with.
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