Common use of Document Retention and Destruction Clause in Contracts

Document Retention and Destruction. Participant shall retain with respect to each Customer a paper or electronic copy of the Customer’s signed Application, together with copies of all the tax returns, W-2s, and (to the extent feasible) Customer identifications, for a period of seven (7) years, and, upon request, shall deliver the same to Provider or Bank within 48 hours. Participant shall safeguard Customer information in accordance with the Federal Trade Commission’s Safeguards Rule (16 CFR §314.1, et seq.), IRS Publication 4557 and IRS Publication 4600. Participant shall make sure that any Customer documentation that is not retained is completely shredded before discarding.

Document Retention and Destruction. Participant shall retain with respect to each Customer a paper or electronic copy of the Customer’s signed Application, together with copies of all the tax returns, W-2s, and (to the extent feasible) Customer taxpayer identifications, for a period of seven (7) years, and, upon request, shall deliver the same to Provider or Bank within 48 hours. Participant shall safeguard Customer taxpayer information in accordance with the Federal Trade Commission’s Safeguards Rule (16 CFR §314.1, et seq.), IRS Publication 4557 and IRS Publication 4600. Participant shall make sure that any Customer customer documentation that is not retained is completely shredded before discarding.