If you feel grooves, it needs to be machined. If you replace the pads but leave the grooved rotors, the pads will wear unevenly from the beginning. To optimize performance of your braking system, the brake pad should be mated to the metal surface as much as possible. These grooves take away from that process. The same is true with warped rotors.
DEFINITION of 'Qualified Institutional Buyer-QIB'. A corporate entity that falls within the accredited investor category, defined in SEC Rule 501 of Regulation D.
Qualified Institutional Placement - QIP. DEFINITION of 'Qualified Institutional Placement - QIP'. A designation of a securities issue given by the Securities and Exchange Board of India (SEBI) that allows an Indian-listed company to raise capital from its domestic markets without the need to submit any pre-issue filings to market regulators.