Do you need to keep paper copies of contracts?

The general answer is YES. Most jurisdictions will permit photo copies, whether they be from a copy machine or fax. To have a document admitted into evidence you need to be able to establish that it is bona fide and that the party to be charged agreed to the document. Agreement can manifest itself in different ways.

Do you need to keep original contracts?

Contracts. Permanently while the contract applies. After terminating the contract, you should keep it for six years from the date that you completed the transaction.

What is a hard copy of a contract?

Hard copy means any documents, records, reports, or other data printed on paper.

Is a copy of a legal document valid?

What does this mean? In short, it means that copies, microfilm, and other reproductions, documents are the same as physical documents and are just as legally valid.

Are paper records required?

There are no hard and fast rules or governmental requirements as to paper or electronic record keeping. Common sense should rule, some documents should be available in hard copy, while others are sufficient in electronic form.

Can business records be kept electronically?

Electronic Documents By scanning documents electronically, a business can reduce its need for added record-keeping storage space. While it’s important to keep specific documents in paper format, businesses save money by moving its paper files to electronic means of storage.

Why are original documents important?

Primary sources form the basis of any historical topic, which have often been kept, organized and made accessible in archives for centuries. The intensive and conscious preoccupation with original documents brings history to life and gives laypeople a deeper understanding of the context.

What documents need to be retained?

You should retain these records according to the following guidelines:

• Car records (keep until car sold)
• Credit card receipts (keep until reconciled on your credit card statement)
• ATM and deposit slips (keep until reconciled on your bank statement)
• Insurance policies (keep for life of policy)

Is a photocopy of a contract legally binding?

Copies of electronic contracts, faxed versions of contracts, and scanned or electronically stored versions, are all “good” contracts and enforceable: although still capable of being rejected if proven unreliable.

Is a copy of a contract legally binding?

The parties do not necessarily have to sign the same copy of the contract in order for it to be binding. If the parties do sign different copies of the contract, they must agree that each of their signature pages together constitute a complete executed agreement.

Does a legal document need to be witnessed?

Most documents and contracts do NOT require a witness for them to be legally valid. However, some documents such as a Will can have clearly regulated requirements pertaining to witnesses.

What is the new record retention policy for medical records?

The new record retention is in effect now, and the records must be kept 6 years after the last time the patient was seen.

What are the benefits of a document retention policy?

Having a clearly defined document retention policy (DRP) can yield three primary benefits for businesses and organizations: efficiency, safety, and peace of mind. First, because a DRP establishes and describes how physical and electronic records are managed, locating key documents when they are needed is easier and more efficient.

How long do I have to retain a document?

The retention periods stipulated in Sec. 257 HGB and Sec. 147 AO apply to most documents, and amount to between 5 and 10 years; how long the retention obligation applies, i.e. when the respective retention period begins and when it ends;

What is general records retention in business?

BUSINESS – GENERAL RECORDS RETENTION TYPE OF RECORD TIME PERIOD TO RETAIN EMPLOYEE BENEFIT PLAN RECORDS Actuarial reports Permanently Allocation and compliance testing 7 years Brokerage/Trustee statements supporting 7 years investments Financial statements Permanently General ledger and journals Permanently