<Owners of the structure generally need only keep the Record Set (sometimes referred to as As Builts), but the designer is well-advised to retain all phase sign-off sets for the duration of the statutes of repose in the jurisdiction the structure was designed and built in.>
I would add to Gary's excellent comments that you research the limitation of actions on faulty construction and for contracts for your location. This would generally set a shorter retention for the "initialed" drawings you are keeping as support for the various approvals. Usually, the "as-built" or "record" drawing is the longer or permanent retention and the various stages of drawings preceding it may be used for the types of issues Gary mentioned.
Ginny Jones
(Virginia A. Jones, CRM, FAI)
Records Manager
Information Technology Division
Newport News Dept. of Public Utilities
Newport News, VA
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