If a master's thesis is not handed in on the date of the master's contract the student has failed the exam. Read about the rules here.
The procedure:
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The supervisor must fill in the examination protocol with "UB" and sign it. (no signature from the examiner). To get the protocol contact Arne Nis Jensen
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The supervisor hands out an extended assignment to the student no later than 14 days after the exceeded date of the contract.
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At the same time the supervisor and the student draw a revised master's thesis contract with the hand out date as starting date, ending 3 months later.