Two questions.
1 - Are the payment records combined with the sales packets/bid docs
considered the whole "record" of the contract/sale? If so, then the
"record" should be retained for the longest applicable required time -
10 years.
2. Does the law regarding contracts (and payment records) require the
payment records to be filed separately or retained for a separate time
period? That is, does the law require destruction of the payment
records at a certain time OR does it simply require them to be kept a
minimum amount of time (i.e. 6 years - your 7 years)? If it is just a
minimum, then keeping them for 10 years would not violate the law.
It may be more costly (the business need) to constantly weed through the
two record series every year to destroy one or the other based on
separate retention values. The other option is to file them separately
in order to apply the appropriate retention, but then you've added to
the burden of retrieving the complete record of a contract/sale when it
is needed.
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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-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On
Behalf Of Susan Beamer
Sent: Tuesday, May 22, 2007 2:25 PM
To: [log in to unmask]
Subject: [RM] retention question
Hi all, I work for a manufacturing company and I am doing our reviewing
retentions. We have a 10 year warranty for our product. Our sales
packets (has the orders, correspondence, customer documents, payment
records, etc) and contract bid documents are currently retained 10
years,
in support of our 10 year warranty. The issue I have with it is the
sales
packets have payment records that are retained just 7 years (in my
State,
the law is 6 years for contracts, therefore the reason for 7 years for
payment records).
Does anyone see a problem with keeping the sales packets & contract bid
docs for 10 years, even though the payment records are retained 7 years
(the payment records are filed with the sales packets/bid docs)? Thanks
for the help, Susan
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