Is there a law for businesses to retain project files for closed projects for a number of years?Thanks

Question

Is there a law for businesses to retain project files for closed projects for a number of years?

Thanks

Answer

I am not sure, but I suspect there is not. However, it is wisest to keep those documents as if anyone should later threaten a lawsuit, you want to be able to show what your role was and was not. How long you need to keep the file depends upon what type of work you did .A new home builder can be sued for up to 10 years in some matters, so if you were a foundation subcontractor you probably should keep the records for at least 10 years, but a tax accountant probably is safe after 4 years, but what if the tax statement you prepared in 2001 effects a loss carryover taken in 2010. You can scan documents into a computer and download to a storage disc, but their value as evidence may be greatly compromised [often deemed inadmissible] as computers can be used to alter almost anything.