"Jones, Virginia" <[log in to unmask]> 
Sent by: Records Management Program <[log in to unmask]>
05/22/2007 11:40 AM
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Records Management Program <[log in to unmask]>


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Re: retention question






<Two questions. 
1 - Are the payment records combined with the sales packets/bid docs
considered the whole "record" of the contract/sale?> 

Yes.

  <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)?>

Doesn't designate how to file, just how long to retain.

< 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.>

I agree with your summary about culling, filing separately, or retrieving 
from two different boxes, etc.

I am more concerned about the availability (discovery) of the payment 
records from years 8-10 if the whole packet is kept for the entire 10 
years.  Would that be a problem?  Also, if the rest of payment records 
(for non-sales packets/bid docs) are 7 years, does that make it look like 
we aren't consistent?  If it is ok to have two different retentions for 
basically the same type of series (payment docs), then I can note the 
difference of the retentions in the schedule.  Susan

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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