Certain records: Overview, definition, and example
What are certain records?
"Certain records" refers to specific documents, files, or information that are identified and required to be maintained, produced, or provided in accordance with legal, regulatory, or contractual requirements. These records could include financial documents, contracts, legal filings, personnel records, or other important documents related to business operations. The term "certain records" typically implies that only particular types of records are subject to specific rules or obligations, and may be distinguished from other records that do not require special treatment or handling.
For example, a company may be required to maintain certain records for audit purposes, such as financial statements, tax returns, or corporate contracts, which must be available for review by authorities or stakeholders.
Why are certain records important?
Certain records are important because they help ensure compliance with legal, regulatory, and contractual obligations. Maintaining these records allows businesses to track their activities, verify their operations, and provide transparency to stakeholders such as government agencies, investors, or auditors.
For businesses, certain records are often essential for financial reporting, tax compliance, and audits. For individuals, having the right records is crucial for maintaining legal rights, managing personal finances, and complying with government regulations.
Understanding certain records through an example
Imagine a business that must comply with tax laws and regulations. As part of this, the business is required to keep certain records, such as invoices, receipts, and payroll records, for a specified number of years. These records must be available for review in the event of an audit by tax authorities. The business may also need to keep specific records, like contracts or partnership agreements, to support its legal claims or to fulfill contractual obligations.
In another example, an employee might be required to keep certain records of work-related activities, such as timesheets or project documentation, to comply with company policies and for performance evaluations.
Example of a certain records clause
Here’s how a "certain records" clause might appear in a contract or policy:
"The Company agrees to maintain certain records as required by applicable law, including but not limited to financial records, contracts, and employee records. These records shall be kept for a period of [specified time] and shall be made available for inspection by authorized parties, including auditors and regulatory authorities."
Conclusion
Certain records are essential for ensuring that businesses and individuals meet legal, regulatory, and contractual obligations. These records play a key role in verifying compliance, supporting legal claims, and providing transparency in business and personal activities.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.