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| Date: | Mon, 15 Aug 2011 10:02:33 -0400 |
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It's common to see contracts that require a party to maintain various kinds of records. For example in oil and gas contract the obligate one of the parties to maintain production records and related accounting records and make them available for audit by the other party. They can't legally make you do this, but on the other hand, if you want to conduct business with them you may have no choice. And, as some other folks said, once you agree to such a thing then this requirement simply becomes one of many requirements for retention that apply to your records. If it's shorter than some of the other requirements or considerations it doesn't really affect anything, but if it's longer than you have to adjust your retention schedule to accommodate it in the same way that you would any other requirement that you would apply to your records.
Best regards,
John
John Montaņa
Montaņa & Associates
29 Parsons Road
Landenberg Pennsylvania 19350
610-255-1588
484-653-8422 mobile
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www.montana-associates.com
twitter: @johncmontana
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