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Academic and research libraries are key players in the generation and propagation of knowledge in the U.S., and their interpretation of the balancing features of copyright is critical to the quality of research, teaching, and learning they support. Approaches and methods for research, teaching, and learning are changing rapidly with opportunities presented by digitization and Internet communication. Academic and research librarians need and use the balancing features of copyright—including exemptions listed in Sections 108 and 110 of the Copyright Act, as well as fair use (codified in Section 107)—in order to accomplish the routine tasks of their profession. This report investigates how academic and research librarians today are interpreting fair use to meet the missions of U.S. academic and research libraries. The authors conclude that academic and research librarians would benefit from a code of best practices in fair use for their community and from greater access to legal counsel who are well-versed in copyright, as well as closer scrutiny and negotiation of licensing terms.