24Requirement to retain agreements

24 Requirement to retain agreements

(1) A designated entity must retain each service agreement or access agreement entered into by the entity, for which the entity is (or was) the provider, that has not been varied since the agreement was entered into for at least 6 years after the agreement was entered into.

(2) A designated entity must retain each service agreement or access agreement entered into by the entity, for which the entity is (or was) the provider, that has been varied since the agreement was entered into with the agreement to vary for at least 6 years after the variations commenced.

(3) A designated entity is liable to a civil penalty if:

(a) the entity is required to retain a document in accordance with this section; and

(b) the entity fails to comply with the requirement.

Note: An individual may be liable for an ancillary contravention of this civil penalty provision (see section 92 of the Regulatory Powers Act).

Civil penalty:

(a) for a body corporate—5,000 penalty units; and

(b) for an individual—1,000 penalty units.