Common use of Period of Retention Clause in Contracts

Period of Retention. (a) All records relevant to federally-funded work performed under this Contract shall be retained for a period subsequent to the final closeout of the federal grant(s) applicable to the work, in accordance with federal regulations. The GLO will notify Provider of the date upon which local records may be destroyed, and Provider shall retain all records related to this Contract until the destruction date determined by the GLO. (b) Except as specified in (a) above, each Party shall retain in its records this Contract and all documents related to this Contract. Except as specified in (a) above, and unless a longer retention period is specified by applicable federal law or regulation, the Parties may destroy the Contract and related documents only after the seventh anniversary of the date: the Contract is completed or expires; or all issues that arise from any litigation, claim, negotiation, audit, open records request, administrative review, or other action involving the Contract or related documents are resolved.

Period of Retention. (a) All records relevant to federally-funded work performed under this Contract shall be retained for a period subsequent to the final closeout of the federal grant(s) applicable to the work, in accordance with federal regulations. The GLO GLO/VLB will notify Provider of the date upon which local records may be destroyed, and Provider shall retain all records related to this Contract until the destruction date determined by the GLO/VLB. (b) Except as specified in (a) above, each Party shall retain in its records this Contract and all documents related to this Contract. Except as specified in (a) above, and unless a longer retention period is specified by applicable federal law or regulation, the Parties may destroy the Contract and related documents only after the seventh anniversary of the date: the Contract is completed or expires; or all issues that arise from any litigation, claim, negotiation, audit, open records request, administrative review, or other action involving the Contract or related documents are resolved.