This Contract Retention Policy has been developed to establish standardized procedures for the retention and disposal of contracts across the organization in compliance with Canadian legal requirements. The policy addresses the growing complexity of contract management in both physical and digital formats, taking into account federal legislation such as PIPEDA and the Income Tax Act, as well as provincial regulations regarding limitation periods and electronic commerce. It provides essential guidance for maintaining, storing, and disposing of contracts while ensuring business continuity, legal compliance, and risk management. The policy is designed to be reviewed and updated regularly to reflect changes in legislation and business practices.
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1. Purpose and Scope: Defines the objective of the policy and its application across the organization
2. Definitions: Clear definitions of key terms used throughout the policy, including types of contracts, retention periods, and storage methods
3. Legal and Regulatory Requirements: Overview of applicable laws and regulations affecting contract retention
4. Retention Periods: Specific retention timeframes for different categories of contracts
5. Storage and Security Requirements: Standards for secure storage of contracts, both physical and electronic
6. Contract Classification: System for categorizing contracts based on type, importance, and retention requirements
7. Roles and Responsibilities: Defines who is responsible for various aspects of contract retention and management
8. Document Disposal Procedures: Procedures for secure disposal or destruction of contracts after retention period
9. Compliance and Audit: Processes for ensuring compliance with the policy and conducting regular audits
10. Policy Review and Updates: Schedule and process for reviewing and updating the policy
1. Electronic Document Management: Detailed procedures for managing electronic contracts and digital signatures, required if organization uses electronic contract management systems
2. International Requirements: Additional requirements for international contracts, needed if organization operates globally
3. Industry-Specific Requirements: Special retention requirements for specific industries (e.g., healthcare, financial services)
4. Emergency Access Procedures: Procedures for accessing contracts in emergency situations, recommended for critical business operations
5. Contract Migration Procedures: Procedures for migrating contracts between storage systems, needed if organization is transitioning between systems
1. Schedule A - Retention Period Matrix: Detailed matrix showing retention periods for different types of contracts
2. Schedule B - Document Disposal Checklist: Checklist for ensuring proper disposal of contracts
3. Schedule C - Compliance Audit Checklist: Checklist for conducting internal compliance audits
4. Appendix 1 - Storage Location Register: Register of approved storage locations and their security features
5. Appendix 2 - Required Metadata: List of required metadata for contract storage and classification
6. Appendix 3 - Legal Hold Procedures: Detailed procedures for implementing legal holds on contracts
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