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Government Record Retention: How Long Should You Be Storing Contracts?

Learn types of records that must be maintained, time frames for retention, and best practices for implementing an effective records retention policy.

Federal award recipients - contractors, subcontractors, grantees, and subgrantees - performing federal contracts are required to comply with federal record retention requirements set forth in the FAR, Uniform Grant Guidance, and related guidance. Although seemingly straightforward on their face, interpretation and compliance with these obligations - especially in today's technically advanced world - presents a variety of challenges. These challenges are magnified when a company faces the specter of a broad federal audit or investigation. This information helps the persons responsible for interpreting and applying federal record retention obligations understand the basic requirements and how to ensure full compliance with the existing rules. Failing to have the proper policies and compliance mechanisms in place to ensure compliance with federal record keeping requirements can lead to significant adverse audit findings, penalties and/or sanctions and also could have collateral impacts under other federal statutes (such as the False Claims Act). This topic will help you avoid these pitfalls, but just as important, this information will equip you with the tools necessary to work with the compliance and business side of your organizations on the best approaches to ensure compliance with these seemingly simple obligations.

Runtime: 98 minutes
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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Typical Record Retention Requirements

  • Basic Requirements
    • Federal Record Retention Requirements
    • Types of Records
    • Company Policies and Procedures
    • Subcontracting Issues
  • Select State and Local Record Retention Requirements

Federal Audits and Investigations

  • Federal Audits
    • Nature of Audit Authority/Oversight
    • Scope of Obligations
    • Preservation and Access to Records Obligations
    • Examples
  • Federal Agency Investigations
    • Scope of Production Issues
    • Fraudulent Records
    • Record Sharing Restrictions (Criminal vs. Civil Subpoena)
    • Examples
  • Sanctions for Failure to Preserve or Provide Required Records

Best Practices and Strategies for Ensuring Compliance

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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on April 30, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Eric W. Leonard

Eric W. Leonard

Wiley Rein LLP

  • Partner in the office of Wiley Rein LLP located in Washington, DC.
  • Practice emphasizes all aspects of government contracts with a specific emphasis on handling labor and employment issues that arise for companies that do business with the federal government
  • Conducts regular seminars and workshops on a wide range of government contracting topics; recent examples include webinars on the Service Contract Act, federal sick leave requirements, federal recordkeeping requirements, the Fair Pay and Safe Workplaces Act, ethical issues for government contractors, and risk mitigation in the management of federal subcontractors
  • Written several publications related to the areas of Service Contract Act compliance, federal sick leave requirements and related topics; also a regular contributor and commenter for articles published on federal labor and employment issues by Bloomberg’s BNA Federal Contracts Report and SHRM among others. Has also assisted with drafting comments in response to the recent federal sick leave rules and Fair Pay and Safe Workplaces rules
  • Active member of the Professional Services Council, a vice-chair of the ABA Public Contract Law Section, Employment Safety and Labor Committee, and National Contract Management Association
  • J.D. degree, with honors, George Washington School of Law; B.A. degree, The Johns Hopkins University
  • Can be contacted at 202-719-7185 or [email protected]
George E. Petel

George E. Petel

Wiley Rein LLP

  • Associate in the office of Wiley Rein LLP located in Washington, D.C.
  • Broad practice with focus on ethics and contract compliance, small business issues, cost accounting, purchasing/subcontracting issues, civil and criminal contracting fraud, and bid protests and other disputes
  • Conducts regular seminars and workshops on a wide range of government contracting and grant topics, including regulatory developments, cost accounting, merger and acquisition risks, audits, and ethical issues in government contracting
  • J.D. degree, The George Washington University Law School; B.A. degree, Swarthmore College
  • Vice-chair of the ABA Public Contract Law Section’s Young Lawyers Committee and active in the Section’s Small Business Committee and Subcontracting, Teaming, and Strategic Alliances Committee
  • Can be contacted at 202-719-3759 or [email protected]
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Product ID: 401833
Published 2018
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