Reasonable and customary records

Some record-keeping clauses require the record-keeper to maintain "reasonable and customary" records. On the financial side, records in accordance with generally accepted accounting principles ("GAAP") would almost surely qualify as "reasonable and customary," at least in the United States. This isn't to say that non-GAAP financial records might not be reasonable and customary in appropriate circumstances, for example in jurisdictions such as the European Union, Russia, and Australia, where the International Financial Reporting Standards ("IFRS") are used.

Government regulations may impose specific record-keeping requirements.

Specific disciplines (e.g., engineering, human-resources management, etc.) may have their own standards for "reasonable and customary" records.

Record-retention periods

Record-retention periods may be dictated by external factors such as regulations promulgated by the (U.S.) Internal Revenue Service; Securities Exchange Commission; etc. A party to a contract might sometimes want to obligate the other party to comply with such regulations, and in fact might even be required by regulation (or a government contract) to impose such obligations on the other party.