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Mon, 16 Jan 2017 18:47:20 -0500 |
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Most often, the regulations for the specific industry dictate the retention
period. However, business need must be established if there is a desire to
retain the records longer than the regulation requires.
Some regulations (for example, 18 CFR 125.3.21) require that the following
items be retained until retired:
The original or reproduction of engineering records, drawings, and other
supporting data for proposed or as-constructed utility facilities: Maps,
diagrams, profiles, photographs, field survey notes, plot plan, detail
drawings, records of engineering studies, and similar records showing the
location of proposed or as-constructed facilities.
The harm in retaining records longer than required depends on certain
factors. Some examples are:
Costs to save records indefinitely
Costs of maintaining the records
Risk of litigation and discovery
Thanks!
Amy
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