The Contract Retention Policy is essential for organizations operating in Malaysia to establish standardized procedures for maintaining and managing contractual documents. This policy becomes necessary when organizations need to ensure compliance with Malaysian legal requirements, particularly the Limitation Act 1953, Companies Act 2016, and various sector-specific regulations that mandate specific retention periods for business records. The document provides guidance on retention periods, storage methods, security measures, and disposal procedures for different types of contracts. It helps organizations minimize legal and compliance risks while ensuring efficient contract management practices. The policy is particularly important given Malaysia's increasing focus on corporate governance and the need for systematic record-keeping in business operations.
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1. Purpose and Scope: Defines the objectives of the policy and its application across the organization
2. Definitions: Defines key terms used throughout the policy including types of contracts, retention periods, and storage methods
3. Legal and Regulatory Framework: Outlines the Malaysian laws and regulations governing contract retention
4. Roles and Responsibilities: Defines who is responsible for contract retention, including specific duties of departments and individuals
5. Retention Schedule: Specifies the mandatory retention periods for different types of contracts and related documents
6. Storage and Maintenance: Details the procedures for storing and maintaining contracts, both physical and electronic
7. Security and Access Control: Outlines measures to protect contracts and control access to stored documents
8. Disposal and Destruction: Procedures for secure disposal or destruction of contracts after retention period expires
9. Compliance and Monitoring: Describes how compliance with the policy will be monitored and reviewed
1. Electronic Records 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 deals with cross-border contracts
3. Industry-Specific Requirements: Special retention requirements for specific industries - include based on organization's sector
4. Disaster Recovery: Procedures for protecting and recovering contract documents in case of disasters - include if risk assessment requires it
5. Audit Procedures: Detailed audit processes for contract retention - include if organization has internal audit function
1. Retention Period Schedule: Detailed table of contract types and their specific retention periods
2. Document Classification Guide: Guidelines for classifying different types of contracts and related documents
3. Storage Location Matrix: Matrix showing appropriate storage locations for different types of contracts
4. Destruction Certificate Template: Template for documenting the authorized destruction of contracts
5. Access Authorization Form: Template for requesting and approving access to stored contracts
Find the exact document you need
Contract Retention Policy
A comprehensive policy document outlining contract retention requirements and procedures in accordance with Malaysian law and regulatory requirements.
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Audit Retention Policy
A Malaysian-compliant policy document outlining requirements for audit record retention, storage, and disposal procedures.
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