An effective document retention policy must be a written policy to be managed, and communicated by everyone. The construction industry is inundated with documents but maintaining a document retention policy is significant. Document retention is about knowing what documents you have, where you have them stored, and how long they must be stored there. In the information below, our Miami construction litigation attorneys discuss the importance of creating and maintaining a document retention policy.
Why Have A Document Retention Policy?
Having an effective policy in place is a good business practice. If for any reason you fail to produce documents in a lawsuit you will lose all good credit and reputation. Do your due diligence to have a well-organized system of your business and client information.
The first step is to get everyone on board to manage the policy, and train employees. Good document retention policies are accessible by all employees. Consider who is on a project and what records they are creating and where those documents are being stored. They could be stored on iPads, phones, personal email accounts, the company’s server, and/or the cloud so be vigilant and clear on your process. A good document retention policy requires time and money so the policy should be effective and efficient. Lastly, manage, audit, and review the policy annually, bi-annually, or quarterly.
How Long Should Records Be Retained?
Document retention implies that all records must be kept and all you have to consider is how long those records will be retained. Your period of retention should be at least 10 years. Don’t forget to have a policy on the grounds of deleting and destroying documents. You don’t want your staff to delete or destroy documents because it was never decided on how long they were to be saved.
Have a Litigation Team
By means of preparation, all companies should have a litigation team to discuss archiving and retrieving documents. Legal counsel is vital to ensure compliance and industry standards are maintained.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.