Government Record Retention: How Long Should You Be Storing Contracts?

Learn types of records that must be maintained, time frames for retention, and best practices for implementing an effective records retention policy.

Obtaining a government contract or grant can be a lucrative and beneficial endeavor. However, deals between private industry and governments are intensely regulated and as such create a myriad of issues that are unique to public contract law. One of the many compliance issues faced by contractors is recordkeeping. As all contracts are subject to audit, contractors must follow specific record maintenance rules to ensure compatibility with the contract terms and to defend against allegations of improper performance. This topic will assist those responsible for records management or advising on such by providing an overview of records retention requirements in federal procurements and assistance awards. You will gain a greater understanding of the record keeping obligations of the government, its contractors, and grant recipients. Additionally, the topic will cover penalties for non-compliance and the government and public right to access records. You will be well-informed on the types of records to be maintained, the time frames for retention, the law and regulations specific to each group of public contract players, and tips and best practices for an effective and compliant records retention policy.

Learning Objectives

• You will be able to identify the relevant regulations applicable to the different parties to government contracts.
• You will be able to review the rights different stakeholders have to access records.
• You will be able to recognize the penalties for non-compliance with record retention policies.
• You will be able to discuss the elements of a record retention policy.