Most Lumber Used in Building Construction Is Visually Graded

question 48

Essay

Most lumber used in building construction is visually graded. The traditional visual grading was done by trained graders, who would examine each lumber member for the straightness of grain and the number and size of defects (knots, shakes, and splits)and mark the appropriate grade on the member based on visual assessment. Recently, this procedure has been replaced by an alternative procedure. What is this new procedure called, and what is the fundamental difference between the new and the traditional procedure?

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Definitions:

Stock Split

A corporate action in which a company divides its existing shares into multiple shares to boost the liquidity of the shares.

Warranty of Authority

A representation that a person who purports to act on behalf of another (an agent) has the necessary authority to do so.

Bankruptcy

A legal process for individuals or businesses that are unable to repay their outstanding debts, allowing for the distribution of assets to creditors, potentially leading to the discharge of remaining debts.

Agency Termination

The process of ending the relationship between an agent and their principal, which can occur for various reasons such as fulfillment of the agency purpose or mutual agreement.