There are all selected clip effects presented in this list.
Click Add menu item to show effects menu.
Remove menu item let's you delete one - selected - or all effects from project list
Modifyas well as effect item double click will show modify effect window. There are two modify effect windows:
Save in point, Save out point, Reset in/out and Only actual frame items sets selected effect validity as its captions describe it.
UP and DOWN buttons moves any effect in the list in its direction. This option is very important, because effects will be apply to selected clip in sequence as it is presented in selected clip effects list.
Click here to see how to add effect to project.