How to configure Document expiration policy

As per microsoft-An information management policy is a set of rules that govern the availability and behavior of a certain type of important content. Policy enables administrators to control and evaluate who can access information, how long to retain information, and how effectively people are complying with the policy.
                    In SharePoint Server 2010, each policy is a collection of instruction sets for one or more policy features. Each policy feature provides a specific kind of content management functionality. You can assign a policy to a content type or to a list.


Major improvements in SP2010 as compare to SP2007 are:


-We can apply expiration policy in sevral stages as Deleting draft versions,deleting previous version,deleting the record, deleting the content type,deleting the folder,deleting the list\library etc...


How to set this expiration policy:
1. To create an Information Management Policy, login as someone with administrator permissions.
2. Navigate to your document library (in my case,suppose-Shared Documents)
3.Navigate to library tab
4. Library settings
5. Information Management Policy Settings


Note: make sure what excately your requirements are as the document library are based on content types so if you apply any policy then it will be applicable for all the content types which are of similar type.


6. Based on 'Note',if you have any doubts then click on 'Change Source' and you will understand as what i am talking about.


Still thinking right ??? What does that mean ??? Don't Worry-Here we go


When you will open that configuration page then you you will see the retention schedule.  Select the libraries and folders radio button. You will receive a warning alert stating the content type retention policy will be ignored. Click ok...


7. now configuration options are available
8. add a retention stage link
9. Now set the policy period as per your requirements and click ok
10. As per the policy that we will set, the documents will be expired without any problems...


Most Important: There is one policy collection per site collection; this collection can contain any number of policies. Each policy contains any number of policy items, and each item encapsulates settings information for and points to a single policy feature. Multiple policies can contain a policy item that points to the same policy feature. Each policy feature can employ any number of policy resources to assist its operation. Each policy feature employs its own collection of policy resources; policy resources are not shared between policy features.


You can assign only one policy to a given content type or SharePoint list. However, that policy can contain any number of policy items.


If you have any confusion/queries/questions regarding the above mentioned steps then please let me know...I would be more than happy to help you as well as resolves your issues...