A record that helps reconstruct relevant events, decisions, changes and actions. It gives the next reviewer a way to understand what happened and why, without reconstructing the deal from scattered messages.
An example
A renewal record shows the source quote, the finance decision, the approver, time, conditions and resulting order form. A later change is recorded separately, with its own review outcome.
What to check
Useful history needs context and integrity. A long list of events does not by itself demonstrate that an action was authorised.
In practice
Capture meaningful events and source versions rather than only a final status. Protect access to sensitive records, and agree how long the trail is needed under the organisation’s retention policy.