How contract management software can help your document retention policy

document retentionDepending on your industry, document and record retention can be vital – if not required by law – for your company to do business.

Due to required document retention policies in the Sarbanes-Oxley Act to the Health Insurance Portability and Accountability Act (HIPAA) and the Fair and Accurate Credit Transactions Act (FACTA), document management and retention has risen to a high priority among CIOs and others.

Consider the need to retain agreements to meet legal requirements when contracting to local, state or federal entities. As a post on the website Government Video points out, “…when you do business with the government, you are under a duty to retain contract, cost, and pricing records for a certain period of time, generally three years from the date of final payment… For certain records, the period runs from the end of the fiscal year in which the cost was incurred, so that the actual retention period could last even longer.”

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