Value Engineering (VE) means a discipline of engineering that studies the relative monetary values of various materials and construction techniques, including the intial cost, maintenance cost, energy usage, replacement cost, and life expectancy of the materials, equipment or systems under consideration.
Systems Engineering means preparing specifications, identifying and resolving interface problems, developing test requirements, evaluating test data, and supervising design.
Good Engineering Practice means, Works carried out in accordance with the following standards/ specifications,
Engineering means the application of scientific knowledge for the design, control, or use of building structures, equipment, or apparatus.
Initial Engineering Report means the engineering report concerning Oil and Gas Properties of Loan Parties dated as of June 30, 2006 prepared by Netherland, ▇▇▇▇▇▇ & Associates and ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇▇▇.