The University of Tennessee, Knoxville

Tennessee County Municipal Advisory Service

You are here



Purchasing Records

Reference Number: MTAS-696
Tennessee Code Annotated
Reviewed Date: January 31, 2009

Printer-friendly versionSend by emailPDF Version


PURCHASING RECORDS RETENTION SCHEDULE

 

Description of record

Retention Period

Legal Authority/Rationale

O-1. Bids. Records showing bidder’s name, complete description of item(s), delivery date, amount of bid, and any correspondence with the bidder. Includes any advertisements. Includes unsuccessful bids.

Retain 7 years after contract expires.

Based on statute of limitations for legal action based on breach of contract plus 1 year. T.C.A. § 28-3-109.

O-2. Contracts. Contracts between the city and other contractors.

Retain 7 years after termination of contract.

Based on statute of limitations for actions for breach of contract. T.C.A § 28-3-109.

O-3. Minutes of Bid Openings. Record of bid openings showing item, vendor, bid price, and whether bid was successful.

Retain 1 year after award.

Necessary in case of challenge to bid award.

O-4. Purchase Orders.

Retain 5 years after creation of the record.

Keep for audit purposes.

O-5. Requisitions and Requisitions for Purchase. Records for requests for supplies and equipment in cities with centralized purchasing departments or offices.

Retain 5 years after creation of the record.

Keep for audit purposes.

O-6. Street Contracts and Bonds. Contracts entered into between city and street contractors for the construction and upkeep of roads. May include bonds of contractors guaranteeing compliance with terms of contracts, showing names of principals and sureties, description, specifications, amount of consideration, dates of bonds, and signatures of principals and sureties, showing name of contractor, date, building specifications, and amount of consideration.

Retain contracts until expiration of guarantees. If no guarantees are involved, destroy 7 years after completion of the contract. Retain bonds 7 years after release, replacement, or expiration.

Based on statute of limitations for breach of contract actions plus 1 year. T.C.A.  § 28-3-109.

 

Responsible: