Phil Wallace asked about retention of contracts.  In my experience, their retention is tied to two events: 1) the period of contract performance, and 2) the statute of limitations in the venue of contract performance.  If the period of performance is X years, and the statute of limitations is Y years, the retention would be X+Y years, or an event-based retention of "Contract Completion + Y years".

At the aerospace company that I used to work for, the period of performance was usually on the order of 15 years, and we used a statute of limitations of 10 years. So, a typical retention would be 25 years.

Disclaimer: I've not worked in the public sector, nor for a public utility, so my experience may not be applicable to your specific situation.

Pilar C. McAdam, CRM, ERMm
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Los Angeles, CA

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