A Construction Permit is official permission authorising a person or a business entity to carry out development per the conditions specified in the permit. Such development permit shall give due considerations to matters relating to zoning, planning standards and structural conditions of the proposed development. In business valuation, a construction permit qualifies as an intangible asset because it is identifiable and the potential economic benefits can be accurately measured separately from the tangible assets. Intangible assets are a class of assets without physical form (such as a building) which generate economic benefits to the owners. To estimate the fair market value of a construction permit, business valuators apply techniques under the market, asset and income valuation methods.