Grass Valley NewsEdit LT v.4.1 - Manual (Page 27)

Tools
Digital News Production 27
The Cut Point Edit Tool
The Cut Point Edit Tool changes the edit points between clips in the Timeline.
You can easily create split edits by only selecting audio or video. If you have
handles on your clips, you can access the unused portions of the clip without
returning to the source tape and redoing the edit.
The Transition Tool
The Transition Tool creates transition effects between clips in a sequence. You
can create dissolves or slides between any two edits by selecting the transition
you want and clicking at the point you want the effect to appear.