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I can't say much about client loan files, but in the organizations in which I have worked, contracts and agreements have always been kept permanently.   

The Government of Canada can be a good resource.  You can check out the guidelines for administrative records at http://www.collectionscanada.gc.ca/government/products-services/007002-3010-e.html or sometimes I find that calling 1-800-O-Canada can be helpful (but you do get transferred between lines quite a bit).  Also if you can't find anything specific for NL, check with other provinces as this can provide guidance.  Also check the appropriate provincial and federal legislation as sometimes there can be retention requirements listed in the legislation.  Income Tax Act would be a good example.  

Also check with the Provincial Archivist for NL for information and you may also want to explore the possibility of the company's records being transferred or donated to either the Provincial Archives or City Archives as part of the retention schedule.

Hope this helps,
Lori
Unviersity Records Manager
Montreal, QC



-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On Behalf Of Michel Okemi
Sent: Friday, February 05, 2010 11:21 AM
To: [log in to unmask]
Subject: Question on Retention Period (Active Records & Semi-Active)

Hello Folks,
Happy New Year for all of you. Hope this new year 2010 will bring us some good records thoughts.
Right now, I am working as records consultant with a company in St. John's (Newfoundland & labrador, Canada).
I am doing a retention schedule. I have a question regarding a client loan file; I did some legal research for Newfoundland regarding the legislation assigned for client file loan but I did not find anything.
This is idea: a client file loan remain "Active Records" (in the office) in accordance with the terms of loan (e.g. 5, 10, 15 years) After that when the loan is paid in full, How long to keep it as "Semi-Active"(in off-site) before the final disposal?
What will be a standard best practices approach for this question regarding a client file loan?
I believe the same concern about a loan will also work for a contract/agreements?
Is anyone want to share same experiences with me? I would appreciate that.
Thank you in advance for all your inputs.
Have a nice week end.
Michelk
Records Consultant
St. John's, NF



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