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3) Fines and Penalties: Borrowers are responsible for any and all applicable fines associated with borrowing equipment from the Build Lab as outlined below:
a) Fines are assessed for lost or broken equipment returned, based upon the item’s current replacement value, plus late fees as appropriate.
b) Items not returned after 5 days will result in the following fines and penalties:
i) A $20 late fee, plus
ii) Replacement costs for replacement the equipment as outlined above, plus
iii) A bar will be placed on the borrower’s academic record.