Updating records retention schedules in nys
Once a project is completed, the question of what to do with all these records arises. Whatever the time lapse, your firm can still be the principal target.Disclaimer: This article is written from an insurance perspective and is meant to be used for informational purposes only. Note that the term is “subcontractors” and not “subconsultants.” Certainly most design professionals (especially architects and prime engineers) will, at times, use consultants to complete a portion of the work for which they have contracted.It is not the intent of this article to provide legal advice, or advice for any specific fact, situation or circumstance. On occasion, however, certain professionals (geotechnical and environmental engineers are good ex- amples) will use subcontractors.Statutes of Repose Statutes of repose differ from statutes of limitations in that they set definite time limits under which a cause of action can be brought against the design firm.
Under a statute of repose, the time limit starts running at a specific point in the project’s life, generally either at the completion of services or the substantial completion of construction.
That means that a firm’s exposure to a claim could theoretically run forever So, while statutes of limitations do offer some protection, it is a thin protection at best.