VIDEO BUFFERING VERIFIER

The 'video buffering verifier' (VBV) is a theoretical MPEG video buffer used to assess whether a video stream complies with the MPEG standard buffering requirements. By definition, the VBV would not overflow when its input is a compliant stream. It is therefore important when encoding and multiplexing such a stream that it comply with the VBV standard. In case of constant bitrate (CBR) streams, an additional constraint is that the VBV should not underflow. Many popular video encoders support this standard, including Xvid and DivX.
In the H.264 standard, the VBV is called the Coded Picture Buffer (CPB).

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References

★ MPEG Tutorial - Video Buffering Verifier