Grading and Standards for an Undergraduate Thesis

You are the best judge of standards within your particular area of expertise.

On the one hand, you must remember that this is an undergraduate, not a graduate, thesis; but, on the other hand, you should not underestimate the ability of an honors student to produce truly superior work when challenged to do so.

When it comes to setting a grade, you will obviously want to consider seriously the judgments of the two readers, but the thesis director is the instructor of record, and, ultimately, the determination of a grade is your responsibility.