The Triangle Research Library Network articulates a reasonable risk management approach in its Intellectual Property Rights Strategy for Digitization of Modern Manuscript Collections and Archival Record Groups.
Best Practice Guiding Principles
A Principle, which states broadly what sort of practices may qualify as fair use, followed by
Limitations, which explain the ways the community believes that practitioners should tailor and limit their use to remain within the zone of legitimacy, and finally,
Enhancements, which provide ways that practitioners can go “above and beyond” what is legitimate to provide additional comfort to affected rights holders and other stakeholders.
Section 106 of the Copyright Act lists the rights each copyright holder is empowered to license; they include the right to—
Reproduce the copyrighted work in copies or phonorecords;
Prepare derivative works based on the copyrighted work;
Distribute copies of the work to the public by sale, rental, lease, or lending;
Publicly perform the work;
Display the work publicly;
For sound recordings, to perform the work publicly by digital transmission.
"...the overarching argument that website TOUs are not real, binding contracts, which is not a settled question." - Brandon Butler
Many countries have what is called a "lending right," which allows publishers to collect a royalty even for lending books.
There is no legal requirement that libraries pay "institutional" prices or buy "educational" licenses at higher prices than ordinary retail versions of DVDs.
Library Copying
Some forms of library copying are actually required by law to be accompanied by a copyright notice. Section 108 allows libraries to copy materials for patrons, but requires that libraries include a notice, and the Copyright Office has actually drafted the notice for you, and passed a regulation telling libraries exactly what the warning must say:
http://www.loc.gov/cgi-bin/formprocessor/copyright/cfr.pl?&urlmiddle=1.0.2.6.1.0.173.14&part=201§ion=14&prev=13&next=15
Here's the text:
Notice Warning Concerning Copyright Restrictions
The copyright law of the United States (title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material.
Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of these specific conditions is that the photocopy or reproduction is not to be “used for any purpose other than private study, scholarship, or research.” If a user makes a request for, or later uses, a photocopy or reproduction for purposes in excess of “fair use,” that user may be liable for copyright infringement.
This institution reserves the right to refuse to accept a copying order if, in its judgment, fulfillment of the order would involve violation of copyright law.
Copyright Notices of Note
Credo Reference - gets points for fair use statement