Common use of MAINTENANCE/RETENTION OF RECORDS Clause in Contracts

MAINTENANCE/RETENTION OF RECORDS. All records connected with this contract will be maintained in accordance with GOSR’s Record Retention Policy as follows: The State has determined that it will apply a more stringent policy relative to the retention of documents. This more stringent requirement also ensures the State’s compliance with the requirements noted in the CPD Notice issued February 11, 2014. State Contractors shall be required to retain all financial records, supporting documents, statistical records, and all other pertinent records and documents (collectively, the “Records”) (i) for three (3) years from the time of closeout of HUD’s grant to the State or for the period provided in the CDBG regulations at 24 CFR 570.487 (or other applicable laws and program requirements) and 24 CFR 570.488, or (ii) six (6) years after the closeout of a CDBG-funded project pursuant to 42 USC 12707(a) (4) and New York Civil Practice Law and Rules §213, whichever may be longer. Notwithstanding the latter, in the event that litigation, claims, audits, negotiations, or other actions that involve any of the records citied commences prior to the retention period, then all such records must be retained until completion of the actions and resolution of all issues, or for the retention period, whichever occurs later.