Business Services Industry
Legal issues: be careful what you throw away.
Set-Aside Alert, December, 2007 by Hallowell, Andrew P.; Pidgeon, Michael T.
All companies face the daunting task of creating and enforcing a records retention policy. This article will present a short summary of the records retention issues facing government contractors.
The document retention rules affecting government contractors begin with the FAR. FAR [section] 4.7 provides that "contractors shall make available records, which includes books, documents, accounting procedures and practices, and other data and other supporting evidence to satisfy contract negotiation, administration, and audit requirements of the contracting agencies." FAR [section] 4.703. This section generally requires that a contractor retain such records for three years after final payment under the contract. However, there are exceptions for certain financial...
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