The Contract Retention Policy serves as an essential governance document for organizations operating in the Philippines, establishing standardized procedures for managing contract documentation throughout its lifecycle. This policy becomes necessary when organizations need to systematically address their contract management obligations while ensuring compliance with Philippine regulations, including the Data Privacy Act of 2012, Electronic Commerce Act of 2000, and various sector-specific requirements. It provides comprehensive guidance on retention periods, storage methods, security measures, and disposal procedures, helping organizations maintain legal compliance while optimizing their contract management processes. The policy is particularly relevant in the current business environment where organizations handle both physical and electronic contracts, requiring clear guidelines for proper maintenance and protection of these crucial business records.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. 1. Introduction: Overview of the policy's purpose and scope, including its importance for legal compliance and business operations
2. 2. Definitions: Clear definitions of key terms used throughout the policy, including types of contracts, retention periods, and storage methods
3. 3. Legal Framework: Overview of relevant Philippine laws and regulations affecting contract retention, including Data Privacy Act, E-Commerce Act, and tax requirements
4. 4. Retention Periods: Detailed specifications of minimum and recommended retention periods for different types of contracts, based on legal requirements and business needs
5. 5. Storage and Security Requirements: Guidelines for both physical and electronic storage of contracts, including security measures and access controls
6. 6. Contract Classification: System for categorizing contracts based on importance, sensitivity, and retention requirements
7. 7. Roles and Responsibilities: Definition of key roles and their responsibilities in managing contract retention
8. 8. Disposal Procedures: Procedures for secure disposal or destruction of contracts after retention period expires
9. 9. Compliance and Audit: Procedures for ensuring compliance with the policy and conducting regular audits
1. Electronic Contract Management: Detailed procedures for managing electronic contracts and digital signatures (include if organization uses electronic contract management systems)
2. International Contracts: Additional requirements for contracts with international parties (include if organization handles international contracts)
3. Industry-Specific Requirements: Special retention requirements for specific industries like banking, healthcare, or government contracts (include based on organization's industry)
4. Disaster Recovery: Procedures for protecting and recovering contracts in case of disasters (include if organization has specific disaster recovery needs)
5. Legacy Contracts: Guidelines for managing existing contracts predating the policy (include if organization has significant historical contracts)
1. Schedule A: Retention Period Matrix: Detailed matrix showing retention periods for different types of contracts and supporting documents
2. Schedule B: Contract Classification Guide: Detailed guide for classifying contracts by type, importance, and sensitivity
3. Schedule C: Compliance Checklist: Checklist for ensuring compliance with retention requirements
4. Appendix 1: Document Disposal Form: Template form for documenting contract disposal
5. Appendix 2: Access Authorization Form: Template for requesting and authorizing access to stored contracts
6. Appendix 3: Audit Checklist: Detailed checklist for conducting internal audits of contract retention practices
Find the exact document you need
Contract Retention Policy
A comprehensive policy document outlining contract retention requirements and procedures in compliance with Philippine law and regulations.
Download
Audit Retention Policy
A policy document outlining audit record retention requirements and procedures in compliance with Philippine regulations and standards.
Download
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)