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Contract Retention Policy

Contract Retention Policy Template for Malaysia

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Key Requirements PROMPT example:

Contract Retention Policy

"I need a Contract Retention Policy for my manufacturing company that operates across Malaysia and Singapore, with specific focus on managing both physical and electronic contracts in multiple languages, ensuring compliance with both jurisdictions' requirements."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Manufacturing

Technology

Healthcare

Real Estate

Construction

Retail

Professional Services

Education

Telecommunications

Energy

Transportation

Agriculture

Mining

Public Sector

Relevant Teams

Legal

Compliance

Records Management

Administration

Risk Management

Internal Audit

Operations

Information Technology

Finance

Corporate Governance

Quality Assurance

Document Control

Procurement

Human Resources

Relevant Roles

Chief Legal Officer

Compliance Manager

Records Manager

Document Controller

Legal Counsel

Company Secretary

Risk Manager

Audit Manager

Operations Director

Contract Administrator

Quality Assurance Manager

Information Management Officer

Corporate Governance Officer

Chief Financial Officer

Administrative Manager

Industries
Limitation Act 1953: Sets the limitation period for contractual claims at 6 years, indicating minimum retention periods for contract-related documents
Income Tax Act 1967: Requires business records and supporting documents to be kept for 7 years from the end of the year of assessment
Employment Act 1955: Requires retention of employment-related records for periods specified under the act, including salary records and employment contracts
Electronic Commerce Act 2006: Governs the legal recognition and retention requirements for electronic records and documents
Personal Data Protection Act 2010: Regulates the retention period of personal data and requires disposal when no longer needed for business purposes
Companies Act 2016: Requires companies to maintain certain records, including contracts and agreements, for at least 7 years
Electronic Government Activities Act 2007: Provides legal framework for electronic government records and their retention requirements
Evidence Act 1950: Deals with admissibility of documents and records as evidence, influencing retention requirements
Unclaimed Moneys Act 1965: Requires retention of records related to unclaimed moneys and contractual obligations for specified periods
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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