Our policy is:
- Lab notebooks are a written* record of the experiment. Nothing can be erased, and any revisions should be indicated as such (by time, etc.).
- Lab notebooks stay in the lab.
- Investigators are encouraged to scan or photocopy them and to keep a copy off site or on the computer.
- I keep them for at least 5 years (minimum). In practice I actually keep them forever.
- I have yet to dispose of a lab notebook.
* I have caved in a few instances to allowing computer records, but it is not my preference and the same principles/practices must apply.