Joe Adams asked:

"what is the general rule regarding retention guidelines for keeping 
revised records? Example a contract is signed off today; 6 mths later
the 
contract needs to be changed. How long or do you need to keep the
original 
contact?"

Retention of a record is determined by the criteria for keeping it, not
necessarily by when it was last updated.  For instance, if the retention
period for a contract is linked to its period of performance (e.g.,
expiration + 7 years), then it doesn't matter when it's been revised
.... unless, of course, the revision extends its period of performance!
However, if its retention is tied to its most recent update (e.g.,
latest revision + 5 years), then its retention would be extended
accordingly.

It really all comes back to how you define the retention in the first
place.

Pilar C. McAdam, CRM
Director of Legal Information Systems
Sheppard Mullin Richter & Hampton
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Director of Legal Information Systems
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Direct: 213.617.5417
Fax: 213.443.2703


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