Document background
The Contract Retention Policy serves as a crucial governance document for organizations operating in Saudi Arabia, establishing standardized procedures for maintaining and managing contractual documents in accordance with local laws and regulations. This policy becomes necessary as organizations face increasing regulatory scrutiny and need to ensure compliance with various Saudi Arabian legal requirements, including the Commercial Courts Law's 5-year limitation period, the VAT Law's 6-year retention requirement, and the Anti-Money Laundering Law's 10-year retention mandate. The policy provides comprehensive guidance on retention periods, storage methods, destruction procedures, and special handling requirements for both physical and electronic documents, while addressing specific Saudi Arabian regulatory requirements and business practices.
