Avid and the Consolidate feature

The Consolidate feature allows you to create and save copies of the sequence's media files to a selected drive. This makes it relatively simple to move source files with you when you work on a different system. Using the Consolidate feature has the advantage of copying only the amount of media necessary; you save only the sequences and clips used in the project. For example, it does not copy an entire 1-hour audio file to consolidate a single 10-second clip.
Sequences: When you consolidate a sequence, the system copies only the portions of media files edited into the sequence, and creates new master clips for each clip in the sequence. The file name extension .new is attached to the master clips, along with incremental numbering beginning with .01. The sequence is not renamed but is automatically relinked to the new media files.
Subclips: When you consolidate a subclip or group of subclips, the system copies only the portion of the media files represented in the subclip, and creates a new master clip that is the duration of the subclip and a new subclip. The file name extension .new is attached, along with incremental numbering beginning with .01.
Master clips: When you consolidate a master clip, the system creates exact copies of the media files. If you link the original master clip to the new files, the system creates a master clip with the file name extension .old that remains linked to the old files. If you maintain the link between the original master clip and the old media files, the system creates a new master clip with the file name extension .new that is linked to the new files. The new clips are also numbered incrementally beginning with .01. Consolidating master clips does not save storage space because the system copies the same amount of media for each clip.