A Quarry License is a document containing the authorisation granted to an individual or a firm to extract quarry resources on the concession. The Quarry License, normally a set of the terms and conditions, typically includes excavation face, crushing plant, stockpiling sites and workshop. A Quarry License qualifies as an intangible asset because it can be recognised and the associated economic benefits reliably measured. Intangible assets are a class of assets without physical form yet can generate significant economic benefits to owners through potential economic benefits. In the process of estimating the fair market value of intangible assets such as a mining license, business valuation analysts apply techniques under the income, market and asset methods.