Penalty for lateness in report submission is one fractional letter grade for each 3 day period beyond the due date. The format is the same. All students will present, even if the project is incomplete. The final reports will become public domain and will be available through the library to faculty, students, and other interested persons. The senior project has in recent years taken on increased importance in the undergraduate curriculum.
Industry requires engineers who can design and innovate.
Instead the burden of the course is placed on the student, for topic selection, supervisor selection, and conduct of the work. This requires a considerable shift in attitude of the student and draws on talents not extensively exercised by classroom courses. You have to want to do it, enjoy doing it, and be proud you did it. Should this cease to be the case, you should seek help to get back on track, or in special cases, terminate the project and start over. The next important matter is the selection of a project supervisor.