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

OnDemand Webinar (98 minutes)

Learn types of records that must be maintained, time frames for retention, and best practices for implementing an effective records retention policy.Federal award recipients - contractors, subcontractors, grantees, and subgrantees - performing federal contracts are required to comply with federal record retention requirements set forth in the FAR, Uniform Grant Guidance, and related guidance. Although seemingly straightforward on their face, interpretation and compliance with these obligations - especially in today's technically advanced world - presents a variety of challenges. These challenges are magnified when a company faces the specter of a broad federal audit or investigation. This information helps the persons responsible for interpreting and applying federal record retention obligations understand the basic requirements and how to ensure full compliance with the existing rules. Failing to have the proper policies and compliance mechanisms in place to ensure compliance with federal record keeping requirements can lead to significant adverse audit findings, penalties and/or sanctions and also could have collateral impacts under other federal statutes (such as the False Claims Act). This topic will help you avoid these pitfalls, but just as important, this information will equip you with the tools necessary to work with the compliance and business side of your organizations on the best approaches to ensure compliance with these seemingly simple obligations.


Eric W. Leonard, Wiley Rein LLP George E. Petel, Wiley Rein LLP


Typical Record Retention Requirements

• Basic Requirements

- Federal Record Retention Requirements

- Types of Records

- Company Policies and Procedures

- Subcontracting Issues

• Select State and Local Record Retention Requirements

Federal Audits and Investigations

• Federal Audits

- Nature of Audit Authority/Oversight

- Scope of Obligations

- Preservation and Access to Records Obligations

- Examples

• Federal Agency Investigations

- Scope of Production Issues

- Fraudulent Records

- Record Sharing Restrictions (Criminal vs. Civil Subpoena)

- Examples

• Sanctions for Failure to Preserve or Provide Required Records

Best Practices and Strategies for Ensuring Compliance