Below is an outline that companies may want to consider when designing or reviewing records retention programs.

Purpose of Program

The primary goal of a records retention program is to effectively manage the information generated and received by the corporation and, thereby, reduce the expense and risk of liability associated with the maintenance of this information. An effective records retention program must, therefore, properly identify and preserve specified records for the applicable retention period.

Preservation of Necessary Records

Elimination of Unnecessary Records

ScopePersonal Records

records are corporate if work related in any respect

includes calendars, appointment books, emails, and diaries

records maintained at office and in home must be monitored

Internet Records

Internet and intranet records must be monitored

information on corporate Web site should be regularly reviewed and updated

email must be monitored and purged regularly

antivirus software should be maintained and updated regularly

Retention PeriodStatutes and Regulations

federal, state, and local record retention obligations

review regularly to identify amendments

Statutes of Limitations

Practical Considerations

Storage Organization

Accessibility

Security

Preservation

Types of RecordsVital

Third-Party

ElectronicUniform Electronic Transactions Act (UETA)

Electronic Signatures in Global and National Commerce Act (E-SIGN Act)

Records Destruction

After categorizing documents and establishing appropriate retention periods, the company must provide for regular, systematic reviews of file contents, their vintage, and the destruction of aged documents. However, it is important to understand that a records retention program is not a substitute for a quality control program for written records. What to write and how to express it are separate issues to be addressed by management and legal counsel on a continuing basis.

Duplicates

Suspension

Topics