The current time required to hold onto contracts is six years three months from the date of final payment. Why do we need to hold on to contracts this long? Can this time be reduced? Can there be an approved electronic means to scan documents instead of hanging on to originals? Keep originals of the most important documents and electronically file everything else?
Currently the National Archives charges storage fees to agencies for archiving contract files. There is an application fee, a handling fee, a rental fee, a disposal fee. Additionally, the US Navy has a moritoreum on destrcution of files which is adding to the storage cost.
There is potential to significantly reduce Government overhead costs to keep such contract files, which are rarely ever needed again. Estimated savings: millions.