Definitions for "Retention Period"
The number of years for which records need to be kept in order to satisfy the requirements of the tax legislation.
The length of time that records are to be kept. See also DISPOSITION (1).
Life span of a record or the minimum time the record must be kept. Clerks and judges are encouraged to retain case papers of local significance, whether or not the papers must be retained under Rule 1:11.
The retention period of a document is how long that document should be kept. At the termination of the retention period, the document is usually destroyed. The term is generally used by accountants and tax professionals whose occupation involves dealing with legal documents that only need to remain in existence for a certain amount of time.