For how long must contractors keep contracts, documents, receipts, and disbursements available for board inspection?

The requirement for contractors to retain contracts, documents, receipts, and disbursements for a specific period is generally established to ensure that there is adequate documentation available for accountability, auditing, and compliance purposes. In many jurisdictions, the standard retention period is typically three years. This allows enough time for an audit cycle to take place, enabling both internal and external reviewers to verify transactions and ensure that the terms of contracts have been followed.

This three-year period also aligns with various federal and state regulations regarding record-keeping and helps to protect both the contractors and the organizations engaging them from potential disputes or claims that may arise after the contract execution. Therefore, retaining these documents for three years facilitates transparency and supports good management practices in contractor oversight.