Intended to help librarians, administrators, and trustees better understand the ramifications of the new copyright law, Public Law 94-553, this brief document asks and answers some of the basic questions concerning compliance with it. Questions answered include: What is the new copyright law? What are the implications for libraries? What is fair use? What are the copyright guidelines? What are the minimum requirements which a library should meet for compliance? Should your library adopt a copyright policy? What are the guidelines of the National Commission on New Technological Uses of Copyrighted Works (CONTU) relating to Subsection 108 (g)(2) (interlibrary arrangements for photocopying)? What record maintenance is necessary? What is copyright clearance? How will copyright law affect contractual arrangements for purchase of serials or other materials? What effect does the law have on local archives? and Who is liable under what circumstances? Appendices provide the minimum guidelines for classroom copying of books and periodicals in nonprofit educational institutions, guidelines under fair use for music, and CONTU guidelines for interlibrary loans; a bibliography of primary and secondary sources is also included. (JD)