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Right-click Context menu of Clips
Clips :: more options
The right-click context menu on a Clip will popup two options
1. Edit :
This option will let you edit the content of the selected clip. Edit Clip button on quick toolbar will also does the same.
2. Delete Clip :
To delete the selected clip, choose this option or you can press the Delete key from your keyboard as well. Remember deleting is an irrevocable process.