4.705-3
Acquisition and supply records
Contractors must retain key acquisition and supply records for 2 to 4 years to ensure compliance with government audit and review requirements.
Overview
FAR 4.705-3 specifies the minimum retention periods for various acquisition and supply records related to government contracts. The regulation outlines how long contractors must keep specific types of records, such as store requisitions, work orders, equipment records, expendable property records, receiving and inspection reports, purchase order files, production records, and property records. These retention periods range from 2 to 4 years, depending on the record type. The purpose is to ensure that essential documentation is available for audit, review, and compliance purposes throughout the contract lifecycle and for a defined period after contract completion.
Key Rules
- Store Requisitions
- Must be retained for 2 years.
- Work Orders, Equipment Records, Expendable Property Records, Receiving and Inspection Reports, Purchase Order Files, Production Records, and Property Records
- Each must be retained for 4 years.
Responsibilities
- Contracting Officers: Ensure contractors are aware of and comply with record retention requirements.
- Contractors: Maintain and securely store all specified records for the required retention periods.
- Agencies: May audit or request access to records during and after contract performance within the retention window.
Practical Implications
- This section exists to support transparency, accountability, and auditability in government contracting.
- Contractors must implement effective record-keeping systems to avoid compliance issues.
- Failure to retain records for the specified periods can result in penalties, disallowed costs, or other contractual remedies.