SB1743: AN ACT to amend Tennessee Code Annotated, Title 12, Chapter 3, Part 6, relative to records retention for state contracts.

Legislative Summary

As enacted, changes, from three years to five years, the time period for which a person awarded a state contract, change order, or contract modification must retain all books and records of cost or pricing data submitted to the state with regard to the agreement; changes, from three years to five years, the time period for which a contractor or subcontractor under a state-awarded contract must retain all books and records pertaining to the agreement; requires all state procurement contracts executed after July 1, 2024, to include a provision detailing the records retention requirement. - Amends TCA Title 12, Chapter 3, Part 6.