A situation of an Open Order (also referred to as “Backlog”) arises when the pending requirement of an unfulfilled order is met before the order expires or is cancelled by the customer. The flexibility for a customer to buy or sell an order ahead of the fulfilment date translates into an intangible asset which can be leveraged. Open Orders qualify as intangible assets because they can be recognised and the associated economic benefits reliably measured. Intangible assets are a class of assets without physical form yet hold significant economic value to the owners. Business Valuators apply several techniques under the income, market and asset methods in the process of estimating the fair market value of intangible assets such as open orders.