Who keeps the original contract?

Typically, the original contract is kept by the party that initiated the document or the party that is most likely to need the original for legal or operational purposes. In many cases, this is the party that signed first. However, both parties may retain copies for their records, and it's advisable to keep a signed copy for reference. In some instances, a third party, such as a lawyer or escrow agent, may hold the original for safekeeping.