Complex color documents with both graphics and text, where the text varies in color and size, call for specialized binarization techniques. We propose a novel method for binarization of color documents whereby the foreground text is output as black and the background as white regardless of the polarity of foreground and background shades. The method employs an edge-based connected component approach to determine text-like components and binarize them individually. The threshold for binarization and the logic for inverting the output are derived from the image data and do not require any manual tuning. Unlike existing binarization methods, our technique can handle documents with multi-colored texts with different background shades. The method is applicable to documents having text of widely varying sizes, usually not handled by local binarization methods. Experiments on a broad domain of target document types illustrate the effectiveness and adaptability of the method.